Crypto shares jumped in overnight trading as bitcoin rose above $92,000. Canaan up 5%. CleanSpark up 4%; Bit Digital, Strategy, Riot Platforms up around 3%.

President Donald Trump will host his first White House crypto summit this Friday.

While crypto investors had celebrated Trump's executive order setting up a crypto working group - which is expected to propose a federal regulatory framework governing the issuance and operation of digital assets - they are still waiting for concrete legislation.

Attendees of the meeting will include executives of crypto companies such as Coinbase $(COIN)$, Chainlink and Exodus $(EXOD)$, according to a CoinDesk report.

Investors are more focused on potential legislation that may incentivize more mainstream companies and investors to embrace crypto, Tapscott said.

Notably, they are watching whether Congress will pass a bipartisan stablecoin bill introduced last month by Sens. Bill Hagerty of Tennessee, Tim Scott of South Carolina, Kirsten Gillibrand of New York and Cynthia Lummis of Wyoming, which could open the pathway for more financial institutions to issue their own stablecoins.

Stablecoin are cryptocurrencies that have their value pegged to another asset, such as fiat currencies like the U.S. dollar or commodities.

The bill aims to establish a regulatory framework for stablecoins and their issuers. It proposes that financial institutions that issue stablecoins with a market value of $10 billion or more be overseen by the Federal Reserve, while the Office of the Comptroller of the Currency would oversee nonbank issuers of payment stablecoins.

Crypto investors are also hoping that the SEC will approve more exchange-traded products investing in crypto. Notably, they are waiting to see if the agency will approve ETFs investing in smaller tokens such as solana, XRP and cardano, and if it will allow ether ETFs to stake the ether they hold, locking up the crypto for a yield. They are also watching whether the SEC will approve ETFs that invest in a basket of crypto assets, which could allow investors to diversify their crypto investments through their traditional brokerage accounts, Tapscott noted.