Cryptocurrency and blockchain related stocks surged in premarket trading on Thursday after U.S. President Donald Trump called on Congress to advance legislation establishing clearer regulations for the digital asset industry.
Trump urged lawmakers to pass a “fair version” of the industry backed Clarity Act following a White House meeting with cryptocurrency executives. The legislation would clarify whether digital assets should be classified as securities or commodities and define the regulatory roles of the Securities and Exchange Commission and Commodity Futures Trading Commission.
The push lifted major cryptocurrencies and crypto linked stocks. Bitcoin rose 3.4%, breaking above $70,000 to reach about $71,700, while Ether gained 3.3% to its highest level in more than three months.
Coinbase Global climbed 8.4%, Strategy gained 10%, while bitcoin miners Riot Platforms, MARA Holdings, Hut 8 and Bit Digital advanced between 3% and 6%. Canaan surged 20%, Circle rose 8% and Robinhood Markets gained 5%.
Trump has pledged to make the United States the “crypto capital of the world” and has become a vocal supporter of the industry. However, opposition remains among some Democrats and Republicans, who want stronger restrictions preventing political officials, including Trump, from profiting from their own cryptocurrency ventures.
Despite Thursday’s rally, Bitcoin remains down about 18% for the year.
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