Trump's Crypto Push Sends Bitcoin Soaring Above $71,000
US President Donald Trump has urged Congress to pass legislation establishing clear rules for the digital asset sector, calling on lawmakers to pass a 'fair version of the Clarity Act'. The act would define whether cryptocurrency qualifies as a security or commodity, clarifying jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission.
The push for legislation comes after industry executives met with Trump at the White House. Without clear regulations, the sector is vulnerable to shifting political winds and court challenges, say analysts.
Many Democrats and some Republicans have expressed concerns that the bill should include strong language banning politicians from profiting from their own crypto ventures. Trump has disclosed over $1.4 billion in earnings from his family's crypto investments in 2025.
The market responded positively to the news, with Bitcoin rising 3.4% and pushing past resistance levels to reach highs of about $71,700. Ether also gained 3.3%, its highest level in over three months.