Bitcoin Surges 11% in Two Days to Near Two-Month High; CFTC: Will Set Own Rules If Legislation Fails
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Bitcoin jumped over 11% in two days to near $72,000, its highest since June; CFTC Chair declared the agency will advance crypto market rules on its own authority even if Congress fails to pass the Clarity Act.
What lit the fuse on this rally?
It started Wednesday: Treasury Secretary Bessent announced an expansion of long-term Treasury buybacks, and 30-year yields pulled back, giving risk assets room to breathe.
This means → lower bond yields = lower opportunity cost for holding volatile assets like Bitcoin, so capital rotates in.
According to CoinGlass, roughly $2.7 billion in crypto short positions were forcibly liquidated, turning a firm move into a violent squeeze.
In plain terms = Treasuries eased the pressure, crypto shorts blew up — together, that was rocket fuel.
What happened at Trump's White House meeting?
Trump convened CEOs from Coinbase, Kraken, Robinhood, Ripple, and ChainLink at the White House, publicly calling on Congress to pass a "fair version" of the Digital Asset Market Clarity Act.
Trump's words: "We need Congress to move forward on the Clarity Act — a fair version … that will put us ahead of China, ahead of everyone."
This means → the White House moved crypto legislation from back-channel lobbying to a public demand — the policy signal upgraded from "supportive" to "urgent."
Where is the bill stuck?
The core dispute is an ethics clause: Democrats want to bar the president and other officials from profiting on personal crypto ventures; Republicans call the provision overly targeted.
Context: Trump himself disclosed over $1.4 billion in family crypto-business gains in 2025 — exactly what Democrats are zeroing in on.
The September 15 procedural vote in the Senate is the crucial checkpoint. If it fails, the bill's chances this year narrow sharply as Congress pivots to November midterm elections.
Clear Street analyst Owen Lau noted: "It's not that buyers suddenly think the Clarity Act is likely to pass — it's that the market had priced in an extremely low probability, and this news is forcing a re-pricing."
Why did the CFTC say "we'll act even without legislation"?
CFTC Chair Michael Selig stated plainly: "Market structure is very important. We can achieve it through rules, or through law. If we must use existing authority to write rules without companion legislation, we will do so."
This means → regardless of whether the Clarity Act passes, the direction of a crypto regulatory framework is locked in — only the path and timeline are in dispute.
This reflects a deeper shift: the U.S. regulatory stance on crypto has moved from "whether to regulate" to "how to regulate."
How much did crypto stocks gain — and how far are they from their highs?
Pre-market moves were broad: Strategy up over 9%, Coinbase and Circle each up roughly 6%, Galaxy Digital up over 4%. Trump mentioned regulators are carving a compliance path for decentralized exchange Hyperliquid; Hyperliquid Strategies surged 30% Wednesday and added about 2% pre-market.
Yet the distance to prior peaks remains vast: Strategy is down roughly 80% from its high, Circle about 70%, Coinbase over 60%, and Bitcoin itself is down approximately 43% from its October 2025 all-time high near $126,000.
In plain terms = an 11% two-day jump sounds dramatic, but against a backdrop of being cut nearly in half from the top, it is one step up from a deep hole. The September 15 vote is the first real test of whether this rally has fundamental support.
Content is for reference only, not financial advice.