Shares of cryptocurrency exchange Coinbase Global Inc. (COIN, Financials) and other crypto-related equities soared after President Donald Trump called on Congress to pass legislation to establish clearer laws for digital currencies.

Bitcoin gained 3.8% and traded above $70,000, with Strategy Inc. (MSTR, Financials) up 5.8%. Coinbase gained 5.7%, Canaan soared 12.5% and Circle Internet Group advanced 3.8%.

Trump called on senators to pass a fair version of the stalled Clarity Act in the Senate. The bill would assist define whether cryptocurrencies should be considered securities or commodities and clarify oversight between the SEC and CFTC.

Such regulatory stability could be important to enterprises that rely substantially on crypto…