WASHINGTON, D.C. — The price of bitcoin rose more than 5% on Thursday to just below $72,000. Bitcoin's two-day gain was more than 11%, marking its highest level since June 1.

Bitcoin traded at the $63,000 level earlier in the week before the surge. The rally coincided with a White House meeting that hosted CEOs of Coinbase, Kraken, Robinhood, Ripple, and ChainLink. This gathering occurred in advance of the Commodity Futures Trading Commission's inaugural Innovation Advisory Committee meeting on Thursday. The commission previously published a proposed rule titled Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers on 2022-09-01.

President Donald Trump used the occasion to urge Congress to pass a fair version of the Clarity Act before the end of the year. "We need Congress to take the next step by passing the Clarity Act – a fair version of the Clarity Act," Trump said. He described the legislation as a tool for global economic positioning.

"It's a very, very powerful structured legislation which will keep us ahead of China, keep us ahead of everyone else, will open the door to the next wave of innovations and innovators," Trump said. The Senate's first procedural vote on the Clarity Act is scheduled for Sept. 15.

Political divisions remain regarding regulatory oversight and personal financial conduct. Democrats have pushed for ethics rules preventing the president and public officials from personally profiting from crypto. Republicans have resisted ethics provisions they view as overly targeted or restrictive. The administration views crypto innovation as key to maintaining global competitiveness.

Market data reflected significant movement across related assets and derivatives. Roughly $2.7 billion in crypto short positions were liquidated during the price increase. Strategy stock jumped more than 9% in premarket trading on Thursday.

Trading in the iShares Bitcoin Trust ETF (IBIT) was more than 4.5 times the 30-day average. Bitcoin volatility measured by Volmex Labs' BVIV Index rose to above 43.5.

Ether also experienced gains, rising about 19% in the past seven days to $2,251. Ethereum opened at $1,874.10 on Monday, August 17, 2026. By Wednesday, August 19, 2026, Ethereum opened at $1,916.47. Despite the recent upward movement, bitcoin is trading about 43% off its October 2025 high of about $126,000.

Why It Matters

The convergence of executive branch engagement and legislative scheduling marks a shift in the regulatory landscape for digital assets. The White House meeting with major industry executives preceded a formal advisory committee session, signaling coordinated attention from federal agencies. President Trump's public call for the Clarity Act adds pressure on Congress to act before the year ends, with a procedural vote already set for September.

The scale of market reaction, including billions in liquidated short positions and elevated ETF trading volume, demonstrates the financial stakes tied to these policy developments. The partisan divide over ethics rules and regulatory scope suggests that while industry leaders seek clarity, political consensus on the framework remains uncertain.