Bitcoin and major cryptocurrency-linked equities advanced on Thursday after U.S. President Donald Trump called on lawmakers to pass the Clarity Act, a bill designed to clarify regulatory jurisdiction over digital assets.
The flagship cryptocurrency, Bitcoin, climbed 3.48% to $71,505, crossing the $70,000 threshold for the first time since June. Ether, the second-largest token, gained 2.46% to $2,272, reaching its highest level in over three months. The gains followed Trump’s remarks at a White House event on Wednesday, where he urged Congress to advance a "fair version" of the legislation, currently stalled in the Senate.
Crypto-related stocks also posted gains, with Coinbase Global rising 6.05%, MicroStrategy up 4%, and Canaan surging 10.37%. Circle advanced 3.8%, while Robinhood saw a modest gain of 0.42%. Analysts attributed the rally in part to short-covering activity after weeks of narrow trading, according to Alex Kuptsikevich, chief market analyst at FxPro.
The Clarity Act seeks to define whether cryptocurrencies qualify as securities or commodities, thereby resolving jurisdictional disputes between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Trump’s push for the bill aligns with his campaign pledge to position the U.S. as the "crypto capital of the world."
Political obstacles remain, as some Democrats and Republicans have indicated they would oppose the legislation unless it includes provisions prohibiting officials from profiting from their own crypto ventures. Trump disclosed more than $1.4 billion in earnings from his family’s crypto-related activities in 2025.
The market move coincided with a separate announcement from the U.S. Treasury Department, which said it would support long-duration bonds by doubling buyback sizes for long-term debt, following a bond selloff that pushed the 30-year Treasury yield to its highest level since 2007.
