Trump Backs Crypto, Pushes Clarity Act at White House Summit
Former U.S. President Donald Trump hosted leaders of the cryptocurrency industry at the White House, signaling his support for a regulated legal path for digital assets in the United States and urging Congress to pass a "fair version" of the Clarity Act. The event, widely reported across financial and news outlets, marked a significant shift in his stance, with multiple sources noting his past skepticism.
During the summit, Trump called for the Clarity Act to establish clear rules for cryptocurrency, an industry-backed bill intended to provide regulatory certainty. His comments ignited positive market reactions, with Bitcoin (BTC) surging near $70,000 and Ether (ETH) also experiencing a notable rise. Some reports from CNBC and Investing.com indicated Bitcoin's rebound made it set for its best day since February, fueled partly by falling yields in addition to Trump's remarks.
Trump said the CFTC was pursuing compliant US access for Hyperliquid.
Beyond major cryptocurrencies, Trump specifically mentioned Hyperliquid, stating that the Commodity Futures Trading Commission (CFTC) was working to bring compliant U.S. access for the platform. This announcement caused the HYPE token, Hyperliquid's native asset, to jump significantly, with CoinDesk reporting an 11% increase and CoinTelegraph and TradingView noting a 20% surge, reaching $72. This prompted a "call-buying bonanza" around Hyperliquid, according to CNBC.
The Clarity Act and Regulatory Landscape
The Clarity Act aims to define the roles of various regulatory bodies, specifically the CFTC and the Securities and Exchange Commission (SEC), in overseeing digital assets. However, concerns about the legislative process were highlighted by Gallego, who warned that a rushed vote, potentially in September, without point-by-point feedback from the White House on a bipartisan ethics proposal, could set the legislation back, as reported by Cointelegraph.
Trump's embrace of the crypto sector comes as he has reportedly amassed substantial wealth in digital assets, according to The New York Times. His administration's push for the Clarity Act aligns with efforts to pull crypto trading onshore and establish a more defined regulatory framework in the U.S. While Bitcoin and Ether saw gains, CME Group stock reportedly experienced a decline, according to Barron's, though specific reasons were not detailed.
Broader Technological Stance
In addition to cryptocurrency, Trump also addressed artificial intelligence (AI), stating that AI could be "bigger than the internet" and advocating for light-touch regulation. As reported by Decrypt, he asserted that the U.S. holds a significant lead over China in AI development and defended the rapid construction of data centers and power plants essential to power the burgeoning AI industry.
The former president's recent engagements suggest a comprehensive focus on emerging technologies. His public support for a legal U.S. crypto pathway, coupled with his administration's legislative push and comments on AI, marks a notable position on the future of digital and advanced technologies within the American economy and regulatory landscape.
Market Snapshot
| Asset | Price | 24h | Market Cap |
|---|---|---|---|
 Bitcoin BTC | $69,666 | +8.80% | $1398.3B |
 Ethereum ETH | $2,253 | +18.50% | $271.9B |
 BNB BNB | $630.06 | +4.80% | $83.9B |
 XRP XRP | $1.11 | +11.20% | $69.4B |
 Solana SOL | $85.8 | +11.90% | $50.0B |
 Dogecoin DOGE | $0.0750 | +7.70% | $11.7B |
 Cardano ADA | $0.183 | +5.30% | $6.9B |
Live data: CoinGecko — 2026-08-20 07:20 UTC
