Trump's Clarity Act Push Sends Crypto Stocks Soaring
Crypto stocks surged on Thursday after US Treasury Department doubled its long-term bond buybacks, easing pressure in the bond market and sending a positive signal for crypto assets.
The move helped to ease concerns that higher yields would weigh on risk assets such as crypto. Although the impact of the Treasury intervention is expected to be limited, it provided a boost to the market, with Bitcoin rising 3.48% to $71,505 and breaking back above the $70,000 level for the first time since June.
The strengthening crypto market also lifted shares of companies in the sector, including Coinbase Global, MicroStrategy, Canaan, Circle, and Robinhood.
The positive sentiment was also driven by President Donald Trump's support for the passage of the Clarity Act, a proposed legislation that would clarify the classification of crypto assets as securities or commodities. Trump called on Congress to pass a 'fair version of the Clarity Act' at a White House meeting with crypto industry executives.
The bill still faces obstacles in the Senate, with some Democratic lawmakers and several Republicans calling for stricter rules to prevent political officials from profiting from their own crypto businesses. Trump previously disclosed more than $1.4 billion in income from his family's crypto businesses in 2025.