Inside the Oval Office meeting: Trump appears ‘bullish’ on Clarity Act as he solicits feedback from crypto, finance CEOs

The Clarity Act, a bill backed by the cryptocurrency industry, is gaining traction in Congress as US President Donald Trump pushes for its passage. The legislation aims to establish a clear regulatory framework for digital assets, determining which cryptocurrencies are treated as securities and which are classified as digital commodities.

This would provide lawmakers with a comprehensive set of rules governing cryptocurrency trading platforms and help the U.S. maintain a competitive edge over China in the rapidly evolving crypto market.

Trump's efforts to secure the Clarity Act's approval have injected optimism into the cryptocurrency market, leading to a surge in Bitcoin prices. Bitcoin has climbed above $70,000, with other coins also experiencing significant gains. The bill has garnered support from the crypto industry, which has long been hindered by regulatory uncertainty, hindering investments and integration into the U.S. financial system.

Supporters argue that clearer rules could promote investment and deepen the adoption of digital assets in the financial sector.

The Clarity Act faces opposition in the Senate, primarily due to differing views on ethics provisions. Democrats and some Republicans want stricter safeguards to prevent public officials, including Trump, from profiting from their cryptocurrency ventures. Trump's family has substantial investments in the crypto sector, with the president disclosing over $1.4 billion in earnings from his family's crypto ventures in 2025.

Despite the ongoing debate, the Clarity Act could provide the regulatory certainty that cryptocurrency companies have been seeking. By solidifying the Trump administration's pro-crypto policy shift, the legislation could make it more difficult for a future administration to reverse the changes. The bill is expected to address the regulatory ambiguity that has plagued the crypto industry, ensuring a more stable environment for growth and innovation.

The renewed support for the Clarity Act coincides with Bitcoin's surge in prices, reaching $71,900 and its highest level since early June. Crypto-linked equities, such as Coinbase Global and Strategy, have also experienced significant gains, further fueling the rally. The recent uptick in cryptocurrency prices can be attributed to a combination of factors, including Trump's support for the Clarity Act and the US Treasury's decision to increase bond buybacks, which helped lower Treasury yields and boost riskier assets like cryptocurrencies.