Crypto Stocks Rally as Trump Boosts Digital-Asset Policies and Bitcoin Advances

A Rally With Two Engines

Shares of Strategy Inc., Coinbase Global Inc., Circle Internet Group Inc. and Galaxy Digital Inc. each gained at least 5% in intraday trading Thursday. The advance followed Wednesday's gains.

Two things are driving the move. First, Trump met with top crypto executives and asked lawmakers to pass digital-asset market laws. He also said the CFTC is working to get Hyperliquid into the US.

Second, Treasury Secretary Scott Bessent is trying to lower Treasury yields by increasing purchases of longer-dated debt. This reduces the dollar's strength, and a softer dollar tends to lift Bitcoin by sparking concerns about currency devaluation. When the dollar falls, assets priced in dollars, like Bitcoin, often rise.

The Bill That Won't Die

The industry-supported market-structure bill, called the Clarity Act, is still stuck in the Senate. A vote to move it forward is scheduled for Sept. 15, giving it a chance to pass before November's elections. If it passes, it would create a clear set of rules for digital assets, something the industry has never had.

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On Tuesday, the SEC proposed letting some digital assets skip security-registration filings. That is a big deal because it removes a major hurdle for tokens.