Topline
Bitcoin led a rally in major cryptocurrencies and inched back towards $70,000 late on Wednesday after President Donald Trump hosted top crypto industry executives and called on Congress to pass the stalled cryptocurrency legislation known as the “CLARITY Act.”
President Donald Trump was joined by crypto industry leaders and executives for a White House event.
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Key Facts
The price of Bitcoin, the most valuable cryptocurrency, rose to $69,825, up more than 8.5% from Tuesday’s price.
This is the highest level Bitcoin has seen since early June, when it fell below $70,000.
The price of Ether, the second most valuable token, rose to $2,261.26—up more than 18.3% compared to Tuesday.
Other major cryptocurrencies also saw a bump, with Solana’s SOL, Binance’s BNB, XRP and the memecoin DOGE rising 11.5%, 4.3%, 10.6% and 7.3%, respectively.
What Do We Know About Trump’s White House Crypto Event?
Several crypto executives gathered at the White House on Wednesday for an event a day before the Commodity Futures Trading Commission is set to hold its first meeting of its Innovation Advisory Committee. At the event, Trump urged Congress to pass the long-stalled CLARITY Act, a piece of legislation backed by the industry. The president said: “We need Congress to take the next step by passing the CLARITY Act, a fair version of the CLARITY Act…It’s a very, very powerful structured legislation which will keep us ahead of China, keep us ahead of everyone else.” The president described crypto as a “financial technology that has the potential to create more jobs, opportunity, and wealth for all Americans.”
Who Were The Guests In Attendance At The White House Event?
The guest list for Wednesday’s event featured top industry executives, including Coinbase CEO Brian Armstrong, who has an estimated net worth of $7.8 billion and is ranked 499 on Forbes’ Real Time Billionaires list. Another billionaire in attendance was Robinhood CEO Vlad Tenev, whose net worth, according to Forbes’ estimates, is $5.7 billion. Other guests included Tyler and Cameron Winklevoss, the founders of the Gemini crypto exchange and key Trump donors, Kraken co-CEO Arjun Sethi and Intercontinental Exchange CEO Jeffrey Sprecher.
key background
A version of the CLARITY Act was passed by the House in July last year, but the legislation has remained stalled in the Senate. The legislation, which is supported by the industry, would allow a majority of crypto tokens to be classified as “digital commodities” and be regulated by the CFTC. Some tokens, however, would be classified as securities, keeping them within the ambit of the Securities and Exchange Commission. Last month, multiple outlets reported on a new draft of legislation that would ban public officials, their spouses, and employees from issuing or sponsoring any “digital asset” while they are still in office. The draft also seeks to ban companies from listing digital assets issued or sponsored by public officials and to require politicians to place their prior crypto assets in a blind trust or divest them during their term in office.
further reading
Crypto Stocks Surge As Senate Committee Advances Long-Stalled CLARITY Act (Forbes)
Could New Crypto Legislation Threaten Trump’s Profits? Probably Not, Democrats Say (Forbes)