Trump's Crypto Support Fuels Bitcoin Rally Amid Clarity Act Debate

US President Donald Trump has intensified his support for cryptocurrencies, calling on Congress to pass a fair version of the Clarity Act. This legislative proposal aims to clarify whether digital tokens should be classified as securities or commodities, which is crucial for market participants to know whether they fall under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).

While Trump's backing has provided price support for Bitcoin, there are concerns about potential conflicts of interest. Political analysts note that Trump and his family have benefited directly from cryptocurrency ventures, which raises questions about the proposal's legislative path.

Despite these concerns, Bitcoin rose 5% to $72,761 at market close, extending its cumulative gains to 15% over four consecutive trading sessions. The digital asset was further propelled by an SEC proposal outlining a new regulatory framework designed to simplify token issuance and capital raising for crypto firms.