US SEC Takes Action on Crypto with New Task Force and Bitcoin Rises

On Tuesday the Trump administration initiated changes that will simplify cryptocurrency rules for businesses. To develop better regulation for cryptocurrency assets Mark Uyeda as SEC chief started a Crypto Task Force which the digital assets industry has long been waiting for. Before his presidential election, Donald Trump assured crypto supporters that his administration would foster an open business environment for the $3.7 trillion industry.

SEC Commissioner Hester Peirce will head the task force that SEC Chair Mark Uyeda introduced. Uyeda maintains his temporary SEC chair position until Paul Atkins becomes official. It starts bringing in representatives to oversee enforcement policies. The SEC’s announcement shows that the committee must create clear standards for registering digital coins. We want to partner with everyone to create rules that shield investor interest. It enables new markets to develop, build market trust, and support innovative growth.

Trump’s SEC Launches Crypto Task Force for Clear Regulations

CNBC reported that the news of the regulatory panel creation sent Bitcoin prices rising by 2.4% to an eleven-figure peak of $106,000. Trump showed his digital currency support with his $TRUMP coin before becoming president and Melania Trump launched her $Melania token. The two digital tokens experienced rapid price increases that crashed suddenly. Under Donald Trump’s White House leadership, the administration took a very different crypto view than President Joe Biden’s policies. At that time SEC Chairman Gary Gensler held powerful negative views toward digital currency businesses. While Gensler held his post he rejected crypto ETF applications. He approved stringent financial reporting frameworks to target financial market leaders.

Despite efforts no one knows who must register and companies need better ways to join the registration process. The current state of legal uncertainty makes startups hesitate while letting scammers thrive more effectively according to the commission announcement. “The SEC can do better.” Through public forums, the task force will seek feedback directly from industry professionals. The task force will partner with federal departments that oversee the Commodity Futures Trading Commission. Building this system will require extensive time and determination with lots of effort. In her view, the Task Force needs guidance from investors industry officials scholars and other parties to attain success.

Bitcoin Rises as US SEC Delivers First Crypto Policy Victory

On Tuesday bitcoin reached its previous session high after choppy trading. The SEC announced regulations to organize the cryptocurrency sector. The digital currency hit a new peak at $109,071 on Monday before decreasing when Trump did not mention cryptocurrency during his inauguration activities. Ethereum and bitcoin recorded gains of 1.4% and 3.8% respectively when market participants retaliated against the previous day’s property.

The US Securities and Exchange Commission formed a task force on Tuesday as part of Trump’s new administration to establish rules for dealing with financial assets. The president has begun to pursue his targeted initiatives right away Coinbase Chief Legal Officer Paul Grewal stated during our phone interview. The SEC members recognize current market needs and aspire to build new rules for digital assets.

Experts predicted market shifts until Trump’s team unveiled their promised crypto industry policies. According to Geoffrey Kendrick, the digital asset industry remains disappointed because Trump did not include crypto in his inauguration speech or first-day orders. The Bitcoin market risks further price losses unless President Trump releases policies about digital assets. The market expects to see prices drop once again below $100,000.

TRUMP’s cryptocurrency named after him that began trading on Friday took a price drop by Tuesday evening according to CoinMarketCap’s data. As recorded by various news outlets including Reuters Trump plans to approve multiple executive orders which will help Bitcoin gain more users. At the start of this week’s World Economic Forum event in Davos. Circle CEO Jeremy Allaire told Reuters Global Markets Forum about his expectation for executive orders to help banks add crypto functions to their services.