Trump's Clarity Act Call Sends Crypto Prices Soaring Above $70,000

US President Donald Trump's call to action for clearer rules on cryptocurrencies has given the industry a much-needed boost. On Thursday, he urged Congress to pass a 'fair version of the Clarity Act', which would establish clear guidelines for determining whether digital assets are securities or commodities.

The legislation, backed by the cryptocurrency industry, aims to provide long-term certainty and prevent regulations from shifting with political changes or court decisions. However, it has faced opposition from some Democrats and Republicans, who have called for stronger restrictions on politicians' involvement in crypto ventures.

Trump's renewed push for crypto legislation comes as a significant boost to an industry seeking greater regulatory clarity. The move has already led to a surge in cryptocurrency prices, with Bitcoin breaking through resistance levels and climbing above $70,000 to around $71,700. Ether also gained 3.3%, reaching its highest level in over three months.

While the rally extended to cryptocurrency and blockchain companies, some critics have questioned Trump's involvement in the industry. The president disclosed more than $1.4 billion in earnings from his family's crypto businesses in 2025, raising concerns about potential conflicts of interest.