Bitcoin climbed above $70,000 and Ether rose more than 3% after President Donald Trump urged Congress to pass legislation that would establish long-awaited rules for the American cryptocurrency market.

Bitcoin gained 3.4%, while Ether advanced 3.3%. The rally spread across the industry: Coinbase, Strategy and major crypto-mining companies rose between 3% and 10%, while equipment maker Canaan surged roughly 20%.

Trump delivered the message alongside crypto and financial executives at the White House, renewing his pledge to make the United States the “crypto capital of the world.”

The Clarity Act would answer the question that has hung over the industry for years: when is a digital asset a security regulated by the Securities and Exchange Commission, and when is it a commodity overseen by the Commodity Futures Trading Commission?

That distinction determines how tokens may be issued, traded and offered to customers. Clearer rules could make banks and institutional investors more willing to enter the market without fearing that regulators will later classify an asset differently.

The bill remains stalled amid disagreements over ethics provisions intended to prevent presidents and other senior officials from profiting through personal cryptocurrency ventures. The Senate is expected to revisit the legislation in September.

Crypto also benefited from the Treasury Department’s expanded purchases of long-term government debt, which pushed bond yields lower and increased investor demand for riskier assets. Even after the latest rally, however, Bitcoin remains roughly 18% lower for the year.

JBizNews Desk | Washington

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