Bitcoin jumps 8% to $69,500 as Trump hosts crypto leaders

Trump hosted crypto executives at the White House on Wednesday as the SEC proposed rules exempting certain token offerings from securities registration, sending Bitcoin up 8% to $69,500.

"We're focused on creating a clear regulatory framework for pioneers and builders," Trump said at the event, according to his remarks. He urged Congress to pass stablecoin legislation, saying the US is competing with other countries to control crypto markets.

The SEC on Tuesday proposed rules that would exempt certain token offerings from securities regulations, giving crypto companies a clearer path to issue tokens and raise money. The proposal follows the Clarity Act's stall in the Senate, where a fight between Democrats and Republicans over ethics provisions — spurred in part by Trump's own involvement in the digital assets sector — has delayed a vote until September. Trump reported earning $1.4 billion from crypto and memecoin-related ventures in 2025, the largest source of his income.

The White House gathering comes a day before the CFTC's Innovation Advisory Committee meets Thursday to discuss crypto regulation. CFTC Chair Mike Selig, SEC Chair Paul Atkins and crypto adviser Patrick Witt attended the event alongside representatives from Coinbase, Ripple, Andreessen Horowitz and Nasdaq, according to Semafor.

Bitcoin breaks out of months-long range

Bitcoin's 8% jump marked its biggest single-day gain since March, pushing the largest cryptocurrency above both its 100-day and 200-day moving averages. The surge triggered more than $1 billion in liquidations within an hour, with roughly $1.5 billion in bets wiped out over 24 hours, according to Coinglass data.

"The move toward $70,000, triggered by short-covering, suggests buyers are regaining confidence, although the rally now faces a crucial test of whether it can sustain momentum and challenge the $75,000 region," Axel Rudolph, chief technical analyst at IG, said.

In the options market, traders have built protection around $60,000 while positioning for a run to $70,000, with open interest concentrated at those strike prices, according to Deribit.

Regulatory momentum vs. legislative gridlock

The SEC's proposal is the latest step in the Trump administration's push to establish a friendlier regulatory framework for digital assets through the SEC and CFTC. But industry leaders remain concerned about cementing those gains, with the Clarity Act — the landmark crypto market structure bill — still pending in the Senate.

Reuters/Ipsos polling this week found that a majority of Americans believe Trump and his family have inappropriately profited from the crypto sector since his return to power. Trump says he has had no day-to-day role in his family's business and that his investments are independently managed.

The SEC's proposed exemptions are designed to help companies at the startup and fundraising stages of growth, the agency said. The CFTC is scheduled to discuss crypto regulation at an industry gathering on Thursday, with the Innovation Advisory Committee expected to take up the issue.

This article is for informational purposes only and does not constitute investment advice.