Key Takeaways:
President Donald Trump vowed to codify a "future-proof" digital asset market structure as Bitcoin fell 3.6% to a six-week low of $72,474, signaling waning market enthusiasm for pro-crypto messaging from Washington.
"America is now the crypto capital of the world, and builders and entrepreneurs are coming back to the United States where they belong," Trump said in a Truth Social post on Wednesday, adding that his administration would prevent "crypto haters" from rolling back regulations affecting digital assets.
The CLARITY Act, which passed the House in July 2025, has advanced through the Senate Agriculture Committee in January and the Senate Banking Committee in a 15-9 bipartisan vote on May 14. Senate Majority Leader John Thune controls floor scheduling, but Republicans hold a slim majority and will need Democratic votes to pass the bill. Some lawmakers have signaled they will withhold support without provisions addressing ethics concerns tied to Trump family crypto ventures, including memecoin projects and World Liberty Financial.
The bill's approval odds stand at 56%, according to prediction market data, reflecting uncertainty over whether the legislation can clear the Senate before the next congressional session. A failure to pass would leave US crypto firms operating under the same patchwork of enforcement actions and state-level rules that defined the pre-CLARITY era.
Trump's post marked his first public statement on crypto market structure since March. He argued former SEC Chair Gary Gensler and the "Anti-Crypto Army" had nearly destroyed the US crypto industry. SEC Chair Paul Atkins, Trump's pick to lead the agency, said the enforcement-first era is "over," promising market-wide clarity alongside Congress.
Ripple CEO Brad Garlinghouse called the moment a vindication after years of SEC litigation against his company. "The anti-crypto coalition was defeated by the courts, by the voters, and by Trump," Garlinghouse said.
The president also weighed in on a separate legal battle over prediction markets, reiterating that the CFTC has "exclusive jurisdiction" over platforms like Kalshi and Polymarket. Trump's son, Donald Trump Jr., serves as an adviser to both companies. Several state authorities have sued the platforms, alleging they offer illegal sports betting without licenses.
Bitcoin's decline came despite the pro-crypto messaging, with the token falling from above $74,000 before Trump's post to as low as $72,474 during Thursday trading. The move suggests the market is pricing in legislative uncertainty rather than presidential rhetoric. The next key support level sits at $70,000, a level not tested since mid-April.
This article is for informational purposes only and does not constitute investment advice.
