President Donald Trump reiterated his commitment to preserving US leadership in Bitcoin and cryptocurrency markets while urging Congress to swiftly pass the CLARITY Act. Speaking at a White House cryptocurrency summit alongside CFTC Chairman Michael Selig and SEC Chairman Paul Atkins, Trump described the legislation as "very powerful structured legislation which will keep us ahead of China."

White House crypto summit and regulatory push

The summit included executives from major industry players including Coinbase Global Inc., Robinhood Markets Inc., Ripple, and Kalshi. Trump emphasized that the administration is ensuring America remains the "undisputed leader" not only in digital assets but also in prediction markets and artificial intelligence.

Senate Banking Committee Chairman Tim Scott indicated the CLARITY Act has a "really good shot" of moving forward in September, with a procedural vote scheduled for September 15. However, an ethics provision tied to the Trump family’s cryptocurrency interests remains a sticking point.

Industry leaders responded positively to the administration's stance. Coinbase Global Inc. CEO Brian Armstrong stated that the administration and industry are ready to get the CLARITY Act across the finish line, noting alignment between regulators and Congress. Robinhood Markets Inc. CEO Vlad Tenev emphasized the company’s core purpose of enabling broad ownership, calling it essential to a free society. Ripple CEO Brad Garlinghouse hailed Trump’s "incredible commitment" to innovation, stating that crypto is no longer a fringe industry. Binance founder Changpeng Zhao added, "We are so back," in response to the supportive remarks.

Strategic Bitcoin reserve discussions

Addressing questions about federal cryptocurrency accumulation, Trump confirmed that acquiring Bitcoin has "been talked about." He stated he would likely rely on Paul Atkins and his team to make the final decision, noting that Bitcoin has "taken a lot of pressure off the dollar."

This follows an executive order signed last year to establish a Strategic Bitcoin Reserve, with officials encouraged to develop budget-neutral strategies for acquiring additional BTC. Trump added that if executives provide recommendations on accumulation, he would "certainly listen."

Trump also congratulated Selig for working to bring Hyperliquid, a decentralized exchange for perpetual futures trading, into the US in a "fully compliant and legal fashion." SEC Chair Paul Atkins pledged that under Trump’s leadership, regulators would ensure the "greatest advances of the technological frontier" happen in the US. Senator Cynthia Lummis (R-Wyo.) echoed these sentiments, warning against returning to the "Chokepoint 2.0 era" of previous administrations.

Market reaction

Bitcoin traded at $69,273 at the time of writing, up 7.74% over the last 24 hours. The fresh optimism around the CLARITY Act is providing meaningful support to the sector.

Leading cryptocurrencies rallied to their highest levels in months on Wednesday, fueled by growing optimism around the potential September passage of the CLARITY Act and broader macroeconomic developments. Bitcoin (CRYPTO: BTC) climbed 7.58% to $69,349.38, reaching its peak since early June. Ethereum (CRYPTO: ETH) posted a sharper gain of 17.87%, trading at $2,256.67, a level not seen since May 12.

Eric Trump, co-founder and Chief Strategy Officer of American Bitcoin Corp. (NASDAQ: ABTC), expressed excitement over the dramatic surge. "Exciting to see… Digital assets are the future," Trump stated. The sentiment was reflected in equity markets tied to digital assets, with American Bitcoin Corp. closing 13.83% higher at $8.22. The company currently holds 8,300 BTC, worth $573 million, making it the 16th-largest corporate BTC holder. World Liberty Financial (WLFI), another Trump family-backed venture where Trump is listed as a co-founder, rose 2.18% with trading volume surging 101%.

The rally was accompanied by significant volume expansion and short covering. Bitcoin’s trading volume increased 161% over the last 24 hours, while Ethereum’s volume surged 346%. Approximately $3 billion in positions were liquidated in the same period, including $2.74 billion in bearish short positions. According to Coinglass data, this marked the largest single-day short liquidation event in Bitcoin’s history.

Market Performance Overview

Other major assets also advanced. XRP (CRYPTO: XRP) rose 11.43% to $1.13, Solana (CRYPTO: SOL) gained 10.36% to $84.84, and Dogecoin (CRYPTO: DOGE) increased 6.94% to $0.07484. Among smaller-cap assets, OFFICIAL TRUMP (TRUMP) led gains with a 26.45% increase to $1.77, followed by Cash Cat (CASHCAT) up 26.16% to $0.1172 and Meteora (MET) rising 24.69% to $0.2129.

Cryptocurrency-adjacent equities mirrored the digital asset rally. Strategy Inc. (NASDAQ: MSTR) closed up 12.68%, while Bitmine Immersion Technologies Inc. (NYSE: BMNR) gained 10.72%. In traditional markets, the Dow Jones Industrial Average rose 119.65 points (0.22%) to 53,463.05. The S&P 500 climbed 0.21% to 7,707.98, and the Nasdaq Composite lifted 0.16% to 26,331.09.

What the Numbers Show

The simultaneous rise in both spot and futures demand for Bitcoin marks a structural shift from recent months. CryptoQuant noted that through April and May, only futures demand was positive while spot demand remained negative. The current data shows both metrics returning to positive territory for the first time in months. This divergence suggests that unlike previous moves driven primarily by leverage, the current price appreciation is supported by underlying spot buying pressure, which analysts argue is more sustainable for holding price levels.

Market sentiment indicators reflected the shift in mood. The Crypto Fear & Greed Index registered "Greed," while Bitcoin’s open interest jumped 5.41%. However, sentiment among retail and whale derivatives traders shifted from "Bullish" to "Neutral." Michaël van de Poppe, a cryptocurrency analyst, stated that the market is "waking up massively" and described the current move as just the "first start," projecting that liquidity will rotate from Bitcoin toward altcoins as confidence builds.