- Crypto-linked stocks surged as Bitcoin rallied and Trump urged clearer crypto regulations
- Robinhood shares rose 12.2%, Coinbase gained 9.57%, and Canaan jumped 26.53% on Friday
- Trump called on Congress to advance the stalled Clarity Act for crypto regulatory clarity
Crypto-linked stocks surged on Friday as Bitcoin rallied and US President Donald Trump urged Congress to advance legislation aimed at establishing clearer regulatory rules for the digital asset industry. Robinhood Markets shares rose 12.2% to $106.70, while Coinbase gained 9.57% to $188.84. Bitcoin mining machine maker Canaan jumped 26.53%, while MARA Holdings also traded higher. Circle shares advanced around 7%.
The gains came as financial stocks provided a boost to the broader market, with crypto-related companies among the strongest performers as Bitcoin headed for a weekly gain of more than 20%. Materials stocks also outperformed, rising around 2% during the session.
Trump's comments followed a meeting at the White House with executives from the cryptocurrency industry. The US President, who has repeatedly pledged to make the country the "crypto capital of the world", called on Congress to pass what he described as a fair version of the Clarity Act.
The industry-backed legislation has been stalled in the Senate and seeks to establish clearer rules governing digital assets. If enacted, the Clarity Act would help determine whether particular cryptocurrencies should be treated as securities or commodities, while clarifying the respective jurisdictions of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
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The prospect of clearer regulatory boundaries has been welcomed by cryptocurrency companies and investors, who argue that the absence of comprehensive legislation leaves the industry exposed to shifting regulatory interpretations, political changes and court challenges.
However, the legislation continues to face political hurdles. Several Democrats and some Republicans have indicated that they would not support the bill unless it contains stronger restrictions preventing political officials, including Trump, from benefiting from their own cryptocurrency ventures.
Trump disclosed more than $1.4 billion in earnings from his family's cryptocurrency businesses in 2025, adding to concerns among lawmakers over potential conflicts of interest.
The broader cryptocurrency market also provided a strong catalyst for crypto-linked equities. Bitcoin rose 3.4%, breaking through resistance levels that had capped gains since early June. The world's largest cryptocurrency moved above $70,000 and reached highs of around $71,700. Ether also gained 3.3%, reaching its highest level in more than three months.
The sharp gains in digital assets lifted companies whose revenues and valuations are closely linked to cryptocurrency trading and activity. Robinhood's platform offers cryptocurrency trading, while Coinbase operates one of the largest cryptocurrency exchanges in the US. Mining-related companies such as MARA and Canaan are also highly sensitive to Bitcoin prices.
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