Trump hosts crypto leaders, pushes Congress on Clarity Act

Bitcoin jumped toward $70,000 Wednesday, its best day since February. The spark: Donald Trump hosted crypto executives from Coinbase, Ripple, and other firms at the White House. He pushed Congress to pass the Clarity Act, a bill that would finally spell out clear rules for crypto markets. Regulators showed up too — the SEC's and CFTC's chairs both attended.

Bitcoin's price often moves on sentiment as much as substance, and this week had plenty of both. The same day as Trump's meeting, the Treasury announced bond buybacks and the SEC floated a new crypto-asset proposal. All three landed within 48 hours of each other. None of that means the Clarity Act is close to becoming law. It still needs 60 votes in the Senate. Betting markets put its odds near 20%, down sharply from earlier this year.

Keep reading — what to watch

Will Congress actually pass the Clarity Act this time? The Senate is set to vote on it Sept. 15. Trump's push this week was meant to build momentum before then. But this bill has stalled before, more than once. Crypto executives have been promised regulatory clarity for years without getting it. Bitcoin's price will likely keep swinging on every headline about the bill's odds, whether or not the underlying rules change.