Bitcoin surges 12% as Trump revives crypto bill

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Bitcoin climbed back above US$70,000 for the first time since June after President Donald Trump pressed Congress to pass the stalled Clarity Act and the US Treasury moved to double its buybacks of long-dated debt. The cryptocurrency rose more than 5 percent on Thursday to US$72,383.99, its highest level since June 1, bringing its two-day gain to 12 percent from the US$63,000 level earlier in the week, reporters noted.

Another snapshot put the move at 3.48 percent to US$71,505, with ether up 2.46 percent to US$2,272, its highest in more than three months. Trump called on lawmakers to pass what he described as a fair version of the Clarity Act during a Wednesday White House event with crypto executives. Coinbase chief executive officer Brian Armstrong, Robinhood chief executive officer Vlad Tenev, Kraken co-chief executive officer Arjun Sethi, and Intercontinental Exchange chief executive officer Jeffrey Sprecher spoke alongside the president.

Commodity Futures Trading Commission chair Mike Selig, Securities and Exchange Commission chair Paul Atkins, and White House crypto advisor Patrick Witt also attended. The bill would define which tokens qualify as securities and which qualify as commodities, dividing oversight between the SEC and the CFTC.

It cleared the House in July 2025 by a vote of 294 to 134 and the Senate Banking Committee 15 to 9 in May, but has stalled in the Senate over ethics language that would bar public officials and their families from profiting from digital asset ventures. The bill faces a Senate procedural vote on September 15. Failure to clear it could end its chances this year as attention shifts to the midterms.

The rally began Wednesday when Treasury yields pulled back sharply after the Treasury said it would double buyback sizes for long-duration debt, a move that followed a selloff pushing the 30-year yield to its highest level since 2007. Roughly US$2.7 billion in crypto short positions were liquidated. “The rally was then fueled by a wave of short-covering, following weeks of extremely narrow trading,” FxPro chief market analyst Alex Kuptsikevich said in a research note.

Max Stuedlein, head of partnerships at Sygnum APAC, said the Treasury decision “is aimed at addressing long-term yield concerns, where borrowing costs have been rising on concerns over US debt levels and partial crowding out by debt issuances of hyperscalers.” Standard Chartered global head of digital assets research Geoffrey Kendrick said investors “should now be positioning for a move to $100,000 by year-end 2026.”

This is not the first time crypto has rallied on policy news only to fade. The market has repeatedly moved sharply on headlines, but sustained gains tend to require actual legislation or clear regulatory action rather than promises. The Clarity Act has been in limbo for months, and the Senate vote will test whether political momentum translates into law.

Equities followed the crypto move. Coinbase, Circle, and Strategy each gained around 7 percent, while another report put Strategy up 7.8 percent and Mara Holdings up 9.8 percent. Bitcoin remains about 40 percent below its October 2025 high of roughly US$126,000 and has lost about 18 percent so far this year.

Bernstein put the odds of 2026 passage at roughly 30 percent using Galaxy Research figures, with BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi having publicly endorsed the bill. The CFTC can set market structure through rules or through laws, Selig said. “If we have to utilize that authority to create rules without the supporting legislation, we’ll do it,” he told Bloomberg Television ahead of the agency’s inaugural Innovation Advisory Committee meeting.

Miles Jennings, head of policy and general counsel at a16z crypto, argued on X that “the bewildering thing about TradFi’s extreme efforts to kill CLARITY is that they are likely accelerating their own obsolescence.”

Canada has built its framework through regulation rather than a single statute. The CSA applies existing securities law to crypto trading platforms, and CIRO issued a Digital Asset Custody Framework in February 2026. Parliament passed a federal Stablecoin Act supervised by the Bank of Canada. Coinpedia describes the result as more coordinated than the fragmented US multi-agency system, though the Stablecoin Act’s operative provisions are not expected to be fully in force until 2027.