Trump's Call Sparks Surge in Coinbase and Cryptocurrency Stocks

Shares of Coinbase Global Inc. (COIN) surged after President Donald Trump called on Congress to pass the Clarity Act, which would establish clearer laws for digital currencies.

The bill aims to define whether cryptocurrencies should be considered securities or commodities and clarify oversight between the SEC and CFTC.

Cryptocurrency-related equities jumped in response, with Strategy Inc. (MSTR) up 5.8% and Canaan soaring 12.5%. Bitcoin also gained ground, trading above $70,000 with a 3.8% increase.

The Clarity Act has stalled in the Senate, but Trump's call to pass a 'fair version' of the bill could bring it back into focus. However, the measure faces opposition and debates about banning public officials from monetizing crypto projects.