Pakinomist– Bitcoin rose on Wednesday, extending an overnight rally after President Donald Trump’s Securities and Exchange Commission said it was preparing a new regulatory framework for crypto.
The news boosted confidence that Trump will deliver on his promises of crypto-friendly regulation, sparking gains across the sector. The president’s recently launched memecoin, , also rose, although it was trading well below its post-launch highs.
Crypto markets had initially fallen after Trump’s inauguration, when the 47th president did not mention crypto in a flurry of orders issued on his first day in office.
rose 4.3% to $105,683.7 at 01:01 ET (0601 GMT). The world’s largest cryptocurrency hit an all-time high above $109,000 just before Trump’s inauguration, but failed to hold those levels.
SEC unveils crypto task force to draft regulation
The SEC, led by acting chairman Mark Uyeda, who was appointed by Trump, said on Tuesday it had created a task force to help draft a regulatory framework crypto.
The task force will also help other government agencies draft crypto-related legislation, including the Commodity Futures Trading Commission.
Trump is also expected to issue executive orders that will reduce regulatory scrutiny of crypto while boosting the adoption of digital assets.
The president had campaigned on a pro-crypto stance, promising to make America the “crypto capital” of the world.
Trump’s leadership is expected to see the SEC drop its long-running lawsuits against several major crypto firms, including Coinbase (NASDAQ: ) and .
Trump calls $TRUMP returns ‘peanuts’
Trump confirmed he was behind the newly launched memecoin, but deflected questions asking him about the token’s wild performance since Friday.
Speaking at a White House event, Trump told a reporter that he wasn’t sure about the memecoin’s performance. When asked about the billions in paper gains it had added to his personal fortune, Trump said “more billions? That’s peanuts to these guys,” though it wasn’t immediately clear who he was referring to.
While $TRUMP was initially received positively by traders, its subsequent volatility and the less well-received launch of $MELANIA called into question the ethics of Trump using his influence to influence speculative assets in his favor.
The broader volatility of the crypto market also increased sharply after the launch of memecoin.
$TRUMP traded up nearly 28% to $43,068 on Wednesday.
Crypto Price Today: Altcoins Rise Tracking Bitcoin
Broader crypto prices advanced in lock step with Bitcoin. World no. 2 crypto rose 3.1% to $3,323.10, while rising 4.5%.
adding between 5% and 11%, while among memecoins rose 9.1%.
