Trump Urges Congress to Pass CLARITY Act for Cryptocurrency Regulation
President Donald Trump has urged Congress to pass the CLARITY Act, which aims to bring regulation and certainty to the cryptocurrency market. The bill would divide regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The CFTC would yield primary jurisdiction over digital commodities, while the SEC would oversee investment contracts for digital assets. The bill also establishes registration and customer protection requirements for crypto exchanges, brokers, and dealers.
Trump's support of the proposed legislation has already led to a surge in cryptocurrency markets, with Bitcoin jumping from around $65,000 per coin to over $72,000 on Thursday morning. Financial analysts predict that if Congress approves the CLARITY Act, Bitcoin could hit $100,000 per coin by the end of this year.
Some Democrats have raised concerns about the regulatory authorities being too weak to protect investors and potential conflicts of interest by Trump. They argue that crypto companies may be able to avoid accountability under the proposed regulations.