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Crypto stocks jumped in premarket trading on Thursday after US President Donald Trump pushed Congress to pass the Clarity Act, giving the cryptocurrency industry a clearer set of rules. The move came after Trump met cryptocurrency industry executives at the White House.
Trump asked lawmakers to pass a “fair version” of the Clarity Act, an industry-backed bill that has been stuck in the US Senate. Trump has repeatedly said he wants the US to become the “crypto capital of the world,” according to Reuters. The Clarity Act could bring more clarity to how cryptocurrencies are regulated in the US. The bill would help decide whether different cryptocurrencies should be treated as securities or commodities.
The bill would also help define the roles of two major US regulators — the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). This could make it clearer which agency is responsible for different parts of the crypto market.
Crypto companies and analysts say clear legislation is important because current rules can change with political decisions and court cases. Without a law passed by Congress, companies face uncertainty over how cryptocurrencies will be regulated in the future, according to Reuters.