Trump Pushes Clarity Act, Sends Crypto Prices Soaring

U.S. President Donald Trump's call for Congress to pass a 'fair version of the Clarity Act' sent shockwaves through the cryptocurrency market, with Bitcoin rising 3.4% and breaching the $70,000 mark.

The act aims to clarify jurisdiction between the SEC and CFTC over the sector by defining whether cryptocurrencies qualify as securities or commodities.

Industry executives have long argued that without legislation, regulations are vulnerable to shifting political winds and court challenges.