Stocks related to cryptocurrencies and blockchain technology experienced a notable rally on Thursday after President Donald Trump called on Congress to develop legislation that would create definitive guidelines for digital assets. This announcement followed a meeting at the White House with leaders from the industry.
Trump, known for his enthusiastic support of cryptocurrencies and his desire to make the U.S. the “crypto capital of the world,” urged lawmakers on Wednesday to advance a “fair version of the Clarity Act,” which is a bill backed by the industry but has been stalled in the Senate. For more details, click here.
U.S. Tiger Securities analyst Bo Pei noted, “Trump’s remarks yesterday are a gradual positive development as they indicate the White House is actively encouraging Congress to finalize the legislation.”
If the Clarity Act is passed, it would clarify whether cryptocurrencies are classified as securities or commodities, thereby refining the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission within this area.
Analysts and industry leaders have warned that without explicit legislation, regulatory frameworks could be easily influenced by political shifts and potential legal disputes.
Nevertheless, several Democrats and some Republicans have expressed their reluctance to support a bill that does not contain strong provisions against political figures, including Trump, profiting from their personal cryptocurrency ventures.
In 2025, President Trump revealed earnings surpassing US$1.4 billion from his family’s cryptocurrency activities.
“Concerns regarding Trump and his family’s financial gains from cryptocurrency are significant and could complicate discussions, especially around ethics and conflicts of interest,” said Pei.
Bitcoin saw a 3.8 percent increase, successfully surpassing the US$70,000 threshold. Despite this upward movement, it has decreased by approximately 18 percent since the beginning of the year and remains about 43 percent lower than its peak in October.
Ether rose by 3.3 percent, reaching its highest point in over three months.
The cryptocurrency exchange Coinbase Global saw a gain of 5.7 percent, while Bitcoin investment firm Strategy increased by 5.8 percent.
Bitcoin mining hardware manufacturer Canaan soared by 12.5 percent, stablecoin issuer Circle rose by 3.8 percent, and trading platform Robinhood gained one percent.
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Reporting by Pritam Biswas and Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid and Maju Samuel