Bit Digital, Inc. (BTBT) saw its stock soar 6.99% in pre-market trading on Wednesday, as crypto-related stocks rallied following news of a potential vote on the GENIUS Act. The surge comes amid a broader uptick in cryptocurrency-related shares, driven by positive developments in crypto legislation.

The jump in Bit Digital's stock price is largely attributed to U.S. President Donald Trump's announcement that key House members have pledged to back the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act vote on Wednesday. Trump stated in a social media post that after discussions with 11 of the 12 necessary Congressmen and women, they have all agreed to vote in favor of the Rule. This news has sparked optimism across the crypto sector, with several crypto-related stocks seeing significant gains.

The GENIUS Act, which has already passed in the Senate, aims to establish guidelines for stablecoin issuance and regulation. It requires stablecoins to be fully backed by U.S. dollars or similarly liquid assets and mandates annual audits for large issuers. The potential passing of this act is seen as a positive step towards clearer regulation in the crypto space, potentially benefiting companies like Bit Digital that operate in the cryptocurrency mining sector. As the market anticipates the vote, investors appear to be positioning themselves in crypto-related stocks, contributing to Bit Digital's pre-market rally.