Trump's Clarity Act Push Sends Bitcoin Soaring Above $70,000
US President Donald Trump's push for the Clarity Act has injected optimism into the cryptocurrency market, with Bitcoin climbing above $70,000 and other coins experiencing a surge.
The legislation aims to establish a broad regulatory framework for digital assets, clarifying which cryptocurrencies should be treated as securities and which as commodities.
Under the proposed framework, the Securities and Exchange Commission (SEC) would retain authority over classified securities, while the Commodity Futures Trading Commission (CFTC) would oversee digital commodities.
The crypto industry has backed the legislation, arguing that regulatory uncertainty has hindered investment and operations in the US. Supporters say clearer rules could encourage investment and integrate digital assets more deeply into the US financial system.