Bitcoin surged above $73,000 on Wednesday, climbing more than 8% and breaking out of its recent slump. The rally also lifted crypto-linked stocks, with Coinbase rising 16%, Strategy gaining 11%, and Robinhood up 8%.
The move came as President Donald Trump weighed in on the ongoing debate over crypto regulation. In a post on Truth Social, he criticized major banks for allegedly standing in the way of the GENIUS Act, a bill designed to establish a regulatory framework for stablecoins.
Trump also urged lawmakers to pass the Clarity Act, another major piece of crypto legislation that has already cleared the House and is awaiting a Senate vote. He warned that if Congress fails to act, the crypto industry could move its operations from the US to China.
The president’s comments followed a reported White House meeting with Coinbase CEO Brian Armstrong, signaling growing alignment between the administration and the crypto industry on regulatory direction.
Meanwhile, JPMorgan CEO Jamie Dimon pushed for stricter oversight of stablecoin issuers during a CNBC interview, arguing that companies holding deposits and paying interest should be regulated like banks to ensure fair competition and protect consumers.
Crypto regulation has become a major flashpoint among policymakers, investors, and financial institutions, as Washington continues to debate how to shape the future of digital assets in the US.