Date: 20 August 2026

Bitcoin gains momentum amid renewed Trump backing for cryptocurrencies

According to a Reuters report, US President Donald Trump has called on Congress to pass a fair version of the Clarity Act—a legislative proposal seeking clearer statutory rules for cryptocurrencies and their oversight bodies. In this context, the Clarity Act aims to establish whether digital tokens should be classified as securities or commodities. This distinction is critical, as clarification would inform market participants whether digital assets fall under the jurisdiction of the Securities and Exchange Commission (SEC)—if designated as securities—or the Commodity Futures Trading Commission (CFTC), if treated as commodities.

However, while…