Crypto Assets Rally Ahead of Possible U.S. Legislation

By Connor Hart

Crypto is continuing its bull run at the start of what has been dubbed "Crypto Week" in Washington, where the House of Representatives will consider three bills with the potential to overhaul U.S. crypto policy.

The bills set to be considered are the Clarity Act, the Genius Act and the Anti-CBDC Surveillance State Act.

The keystone of Crypto Week is the Clarity Act, which Benchmark analyst Mark Palmer said aims to transform crypto from a gray-area asset into a regulated, investable class.

"We believe the enactment of the Clarity Act would likely spur the widespread adoption of digital assets by institutional investors including asset managers, hedge funds, banks, and other financial entities that have long held crypto at arm's length due to regulatory uncertainty," he said.

Investors' anticipation of the bill's potential passage--combined with President Trump's urging of lawmakers to get it to his desk--is sparking a crypto asset rally. Bitcoin hit an all-time high early Monday, while bitcoin-mining and crypto-related stocks gained in midday trading.

Shares of DDC Enterprise jumped 39%, to $18.10, after the bitcoin-treasury company launched its DDC Bitcoin Influence Collective, an initiative the company said will unite bitcoin experts in order to advance its market leadership.

American depository receipts of crypto-miner BIT Mining were recently trading 15% higher, at $4.57, while ADRs of Sequans Communications--which last week launched a bitcoin treasury initiative--gained 20%, to $5.39.

Shares of Tao Synergies climbed 24%, to $11.19. The company earlier this month changed its name to Tao from Synaptogenix, coinciding with its new digital-asset treasury strategy that focuses on acquiring and staking Tao cryptocurrency.

Trading platform Coinbase Global earlier in the day hit the $100 billion market cap threshold for the first time. Shares of Robinhood were recently trading 1.3% higher, at $99.58.

MicroStrategy's stock price edged 1.8% higher, to $442.71, while Hut 8's ticked up 1.2%, to $22.10. Shares of MARA Holdings rose 2.8%, to $19.69.

Write to Connor Hart at connor.hart@wsj.com