India, Aug. 21 -- Robinhood shares jumped nearly 4.9% in pre-market trading on Friday. The rise came as investors became more optimistic about the future of cryptocurrency regulation in the US. The biggest reason behind the jump was President Donald Trump's support for the Clarity Act. Trump urged Congress to approve the proposed crypto legislation, which aims to create clearer rules for digital assets.

The Clarity Act could bring more clarity to the crypto market. The proposed law would classify most cryptocurrencies as commodities and would also clearly divide regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), according to InvestorsHub.

Trump's latest c...