President Donald Trump met leaders from Coinbase, Ripple, Gemini, and other crypto companies at the White House on Wednesday. The meeting focused on the CLARITY Act, Bitcoin, and expanding US crypto activity. Meanwhile, Bitcoin surged toward $70,000 as policy developments and falling Treasury yields supported digital asset markets.
Trump urged Congress to pass what he described as a fair version of the Digital Asset Market Clarity Act. He said the legislation could help the United States maintain its position against China.
The House passed the bill in July 2025, but Senate disagreements have delayed further progress. Lawmakers remain divided over tokenized equities, stablecoin rewards, and ethics concerns involving public officials.
Coinbase CEO Brian Armstrong expects the legislation to receive more than 60 votes during a September 15 cloture motion. Trump also said the proposal has support from both political parties.
However, Democratic Senator Ruben Gallego urged lawmakers against rushing the vote. He said Republicans and Democrats still need to resolve disagreements involving ethics rules and stablecoin yield. Can lawmakers settle those disputes without delaying the broader crypto market structure bill further?
Trump also said officials have discussed buying large amounts of Bitcoin and other cryptocurrencies. He described digital assets, prediction markets, and artificial intelligence as areas where the United States seeks leadership. The president also addressed Hyperliquid during the meeting. He said CFTC Chair Michael Selig was working on a compliant route for the perpetuals-focused platform to enter the US market.
HYPE climbed more than 20% after those remarks and reached $71. Bitcoin gained about 7% and touched $70,000, while Ethereum jumped nearly 18% to $2,327.
XRP also advanced to $1.14. Separately, CoinGecko data showed Ether rising about 19% over seven days to $2,251.
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The US Treasury also announced a major increase in buybacks of 20-year and 30-year government bonds. The announcement pushed long-term yields lower and added another factor behind the crypto rally.
Charlie Hayward of RootstockCollective said lower yields can increase the appeal of higher-risk assets such as Bitcoin. Max Stuedlein of Sygnum APAC linked the move to concerns about long-term borrowing costs.
Standard Chartered's Geoffrey Kendrick said the Treasury action created conditions that Bitcoin has historically favored. He said investors should position for a possible move toward $100,000 by year-end 2026.
Fundstrat's Thomas Lee said the recent rally triggered the second-largest short liquidation event on record. Meanwhile, Trade Nation's David Morrison noted that Bitcoin had spent six weeks between approximately $62,000 and $66,000.
The White House meeting combined regulatory developments with a sharp crypto market rally. Bitcoin reached $70,000 as Trump backed CLARITY and discussed government purchases, while Treasury buybacks pushed yields lower. Senate disagreements over ethics and stablecoin rewards remain central to the bill's next stage.