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      Bitcoin Surges Past $71,000 Following Trump's Call for Cryptocurrency Legislation

      Bitcoin experienced a significant surge on Thursday, rising over 11% to surpass $71,000, following President Donald Trump's push for Congress to pass the Digital Asset Market Clarity Act. The cryptocurrency was reported to be trading at $71,880, with other sources citing it at $71,732. This rally was accompanied by notable increases in other digital assets, with Ethereum climbing 19% and XRP gaining 15%. Despite the recent gains, Bitcoin remains below its all-time high of $126,198 reached last October.

      During a White House summit, Trump and financial regulators advocated for the Clarity Act, which aims to classify Bitcoin and other cryptocurrencies under commodity regulations instead of securities laws. The summit included prominent figures from the financial sector, such as Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse. The announcement also positively impacted Hyperliquid's token, which surged 26% after news that CFTC Chairman Mike Selig was working to bring the decentralized exchange to the U.S.

      The rally in cryptocurrencies coincided with a pullback in Treasury yields, following the U.S. Treasury's announcement to double its longer-term bond buyback program. This move has increased the attractiveness of higher-risk assets like Bitcoin, with trading volume in the iShares Bitcoin Trust ETF exceeding four times its 30-day average prior to the Hyperliquid news.

      Despite the positive momentum, the Clarity Act faces challenges in the Senate. The bill was not addressed before the Senate's August recess, and a procedural vote is scheduled for September 15. The legislation has encountered opposition from Democrats concerned about anti-money laundering measures and ethics provisions, as well as unresolved issues regarding enforcement responsibilities. Lawmakers will have limited time to address these concerns before the October election recess.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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