According to Reuters, after U.S. President Trump publicly pressured Congress to pass the Clarity Act, cryptocurrencies and blockchain-related stocks saw significant increases during pre-market trading on August 20, local time.
On August 19th, Trump met with key executives in the cryptocurrency industry at the White House and publicly called for Congress to pass the Digital Asset Markets Regulation Improvement Act, also known as the 'Clarity Act'. He stated that the act is crucial for the United States to maintain its leading position in emerging technologies. The act has industry support, but it is currently stalled in the Senate.
If this bill becomes law, it will determine whether cryptocurrencies are considered securities or commodities, and clarify the regulatory jurisdiction of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in this area.
Affected by relevant news, on August 20, Bitcoin rose by 3.4%, reaching the $70,000 mark, with the highest level hitting approximately $71,700. Ethereum increased by 3.3%, hitting a new high in over three months.
Additionally, the stock prices of companies involved in encryption continued to strengthen. The cryptocurrency exchange Coinbase Global rose by 8.4%; Strategy, a company heavily invested in Bitcoin, increased by 10%. Mining companies Riot Platforms, MARA Holdings, Hut 8, and Bit Digital saw gains ranging between 3% and 6%.
The report mentioned that this market situation is similar to the industry boost caused by the signing of the GENIUS Act by Trump in July 2025. The GENIUS Act established a regulatory framework for stablecoins.
Trump revealed that his family’s cryptocurrency business will generate over $1.4 billion in revenue by 2025.
Many Democratic lawmakers, as well as some Republican lawmakers, have stated that they will not support the Clearing Act unless it includes strong provisions prohibiting government officials, including Trump, from profiting from their own cryptocurrency businesses.
