Crypto-linked equities rose premarket on regulatory optimism as industry executives gathered in Washington. Strategy MSTR gained 9.72%, Coinbase Global COIN 7.77% and Robinhood Markets HOOD 5.20%.

The optimism started with Bitcoin, which rose to $71,800, its highest since early June. The move broke a months-long trading range amid what Bloomberg described as regulatory optimism as officials assembled at the White House. The move triggered more than $1 billion of liquidations within an hour and carried Bitcoin above its 100-day and 200-day moving averages.

Two developments sit behind it. The SEC proposed this week exempting certain digital asset offerings from securities registration, aimed at companies at the startup and fundraising…