Coinbase stock surged as much as 9.55% on August 19 after President Trump hosted a White House summit with leading crypto executives and renewed his push for Congress to pass the Digital Asset Market Clarity Act, a sweeping regulatory framework that would establish clear federal rules for digital assets.

Shares of the cryptocurrency exchange climbed to $160.20 and then gained another 8% in pre-market trading the following morning, reaching as high as $180.54 by midday August 21, according to data from Yahoo Finance and multiple trading platforms. The rally was fueled by optimism around the legislation and a sharp rally in Bitcoin, which broke above $77,000 for the first time since early June, up roughly 8% in 24 hours.

On August…