Trump's Clarity Act Push Sends Crypto Prices Soaring

U.S. President Donald Trump has urged Congress to pass legislation establishing clear rules for the digital asset sector, following a White House meeting with industry executives.

The Clarity Act, an industry-backed bill stalled in the Senate, would define whether cryptocurrency qualifies as a security or a commodity, clarifying jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission over the sector.

Trump, a vocal cryptocurrency advocate who has promised to make the U.S. the 'crypto capital of the world,' called for lawmakers to pass a 'fair version' of the bill.

The industry needs clear regulations to avoid shifting political winds and court challenges, according to executives and analysts.