A group of crypto tokens tied to some of the industry’s largest revenue-generating applications could be positioned for a revaluation as Congress moves closer to establishing a federal rulebook for digital-asset markets.

The Digital Asset Market Clarity Act, known as the CLARITY Act, would define regulatory responsibilities for crypto assets and the companies that trade them. Supporters say the legislation could give banks, asset managers, and other traditional financial firms greater confidence to conduct business on public blockchains.

Asset management firm Grayscale expects that shift to favor applications already processing transactions and collecting fees, particularly those built around trading, lending, and other financial…