PK Press Club–Bitcoin rose Wednesday, extending its overnight rally after the Securities and Exchange Commission, under President Donald Trump, said it was preparing a new regulatory framework for crypto.
The news boosted confidence that Trump will deliver on his promises of crypto-friendly regulations, sparking gains across the sector. The president’s recently launched memecoin, , also rose, although it traded well below its post-launch highs.
Crypto markets had initially fallen after Trump’s inauguration, with the 47th president making no mention of crypto in a series of executive orders issued on his first day in office.
rose 4.3% to $105,683.7 as of 1:01 a.m. ET (06:01 GMT). The world’s largest cryptocurrency hit an all-time high of over $109,000 just before Trump’s inauguration, but failed to maintain those levels.
SEC Unveils Crypto Working Group to Draft Regulation
The SEC, under Trump-appointed Acting Chairman Mark Uyeda, said Tuesday that it had created a working group to help draft a crypto regulatory framework.
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 oversight of crypto, while increasing 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-standing lawsuits against several major crypto companies, including Coinbase (NASDAQ:) and .
Trump calls $TRUMP returns ‘peanuts’
Trump confirmed he was behind the recently launched memecoin, but brushed aside questions asking about the token’s wild performance since Friday.
Speaking at a White House event, Trump told a reporter he wasn’t sure how memecoin would perform. Asked about the billions in paper winnings he had added to his personal wealth, Trump replied: “Several billions? That’s peanuts for these guys,” although 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 prompted questions about the ethics of Trump using his influence to sway speculative assets in his favor.
The broader crypto market volatility also increased sharply following the memecoin launch.
$TRUMP rose nearly 28% to $43.068 on Wednesday.
Crypto Price Today: Altcoins Rise Following Bitcoin
Broader crypto prices have been growing in lockstep with Bitcoin. The world’s No. 2 crypto rose 3.1% to $3,323.10, while rising 4.5%.
and added between 5% and 11%, while among memecoins, increased by 9.1%.
