Coinbase stock jumps 8% as Trump backs CLARITY Act, crypto rallies

Coinbase shares rose 8% in premarket trading Thursday as cryptocurrency prices rallied and President Donald Trump voiced support for industry regulation. Trump met with crypto executives at the White House and urged Congress to pass the CLARITY Act. The rally followed roughly $3.3 billion in leveraged crypto position liquidations over 24 hours, with shorts accounting for about $3 billion. Bitcoin climbed above $70,000 for the first time since early June, while Ethereum rose nearly 20% and other major altcoins posted significant gains. The CLARITY Act aims to clarify which digital tokens are securities versus commodities and define regulatory roles for the SEC and CFTC. The legislation remains stalled in the Senate, with Coinbase CEO Brian Armstrong predicting a bipartisan vote on September 15, 2026.