The new act faces a Senate procedural vote on September 15 after stalling over ethics language
Bitcoin climbed back above US$70,000 for the first time since June after US 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, CNBC reported.
Reuters put the move at 3.48 percent to US$71,505 at the time of its own snapshot, 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, Reuters reported.
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, Reuters reported.
It cleared the House in July 2025 by a vote of 294 to 134 and the Senate Banking Committee 15 to 9 in May, according to a timeline published by CoinPedia, but has stalled in the Senate over ethics language that would bar public officials and their families from profiting from digital asset ventures.
CNBC noted that 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 Reuters reported followed a selloff that pushed the 30-year yield to its highest level since 2007.
Roughly US$2.7 billion in crypto short positions were liquidated, CNBC said, citing CoinGlass.
“The rally (in crypto) 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 cited by Reuters.
Max Stuedlein, head of partnerships at Sygnum APAC, told CNBC 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.”
Crypto-linked equities followed.
Coinbase, Circle, and Strategy each gained around 7 percent, CNBC reported, while the Wall Street Journal 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, according to Reuters.
The bill faces a Senate procedural vote on September 15, CNBC reported.
Failure to clear it could end its chances this year as attention shifts to the midterm elections.
Bernstein put the odds of 2026 passage at roughly 30 percent using Galaxy Research figures, according to Cryptonomist, which also reported that BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi have 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 in a post on X cited by CoinDesk 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, according to the Chambers and Partners Blockchain and Crypto-Assets 2026 guide.
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.
