Cryptocurrencies and several stocks tied to the blockchain ecosystem rallied Wednesday after the House approved a procedural vote to consider three key bills governing crypto regulation after Republican lawmakers halted their passage Tuesday.
Bitcoin was last higher by 2% at $119,293.86, according to Coin Metrics, while ether surged more than 10% to $3,382.95.
Shares of stablecoin issuer Circle jumped 19% and crypto services firm Coinbase gained about 2% after both closed lower Tuesday.
Ether treasury stocks continued their rally, led by BitMine , which surged 12%. At one point, it rallied as much as 29% after venture capitalist Peter Thiel bought a stake in the company. Others rose in sympathy, including SharpLink , up 29%, and Bit Digital , which gained 19%.
On Tuesday, cryptocurrencies and the related stocks briefly dipped after the House failed to advance two key pieces of legislation: the stablecoin bill known as the GENIUS Act, which has already passed the Senate, and the far more complex market structure bill known as the CLARITY Act. Investors and companies including Coinbase hoped to see the bills move forward together, despite the latter still awaiting a vote in the House.