Trump Backs CLARITY Act as Crypto Markets Surge Following White House Meeting
President Donald Trump hosted executives from major crypto companies at the White House on Wednesday to discuss the US position in the digital asset industry. The meeting focused on the Digital Asset Market Clarity Act, Bitcoin, and the push to bring more crypto activity into the country.
Trump urged Congress to pass a 'fair version' of CLARITY, saying it would help keep the US ahead of China. Coinbase CEO Brian Armstrong expressed support for the bill, stating it would make the country's crypto policy 'durable into the future.' Trump also stated that the US has discussed plans to buy 'sizable' amounts of Bitcoin and other cryptocurrencies.
The meeting led to a surge in crypto markets, with Bitcoin gaining 7% and reaching $70,000. However, Democratic Senator Ruben Gallego warned lawmakers to slow down rather than rush toward a Senate vote due to disagreements over ethics and stablecoin yield.