The prices of the top three cryptocurrency held steady today (Wednesday) after the US Securities and Exchange Commission (SEC) announced a groundbreaking initiative to bring clarity to crypto regulations under President Trump’s administration.
At the time of publication, Bitcoin traded around $104k, representing a 4% increase in the weekly chart despite a 1% decline in the past 24 hours.
The second-largest cryptocurrency by market valuation,Ethereum, changed hands for $3,279, representing a drop of 1% and 2% in the past day and week, respectively. On the other hand, XRP changed hands for $3.16, representing a boost of 7.5% in the past week.
A Crypto Task Force to End Uncertainty
In a significant decision affecting the sector, the SEC’s Acting Chair, Mark Uyeda, launched a crypto task force to develop a clear regulatory framework for digital assets.
Commissioner Hester Peirce, a known advocate for balanced crypto policies, will now lead the initiative. “I look forward to the efforts of Commissioner Peirce to lead regulatory policy on crypto, which involves multiple SEC divisions and offices,” commented Acting Chairman Uyeda.
Donald Trump, who was recently sworn in as the 47th US President, has recently picked Mark Uyeda as the acting Chairman of the SECuntil the Senate approves Paul Atkins for the top regulatory role.
Under the new taskforce, the long-standing issue of regulatory clarity in the digital asset space is expected to be addressed. According to the new directive by the agency under Trump’s crypto-friendly administration, previous reliance on enforcement actions created confusion, hindered innovation, and left many industry participants in legal limbo.
The U.S. SEC is launching a new task force, led by Commissioner Hester Peirce, to establish a clear regulatory framework for crypto assets. ???????? pic.twitter.com/ma44UrnMiD
— Michael Saylor ⚡ Founder of MicroStrategy (Parody) (@Saylorsatsire) January 21, 2025
The Trump administration’s approach stands in stark contrast to that of its predecessor. Under Joe Biden’s presidency, then-SEC Chair Gary Gensler was seen as hostile to the crypto industry. Gensler resisted approving crypto exchange-traded funds and pursued aggressive enforcement actions, leaving the market uncertain.
Market Reaction and Public Involvement
Bitcoin reacted positively to the news, rising 2% to $107,147, according to data from CoinMarketCap. The SEC has highlighted the importance of public input, stating that the task force will hold hearings and solicit feedback from investors, academics, and industry participants.
The task force intends to align regulatory standards with federal and international counterparts, including the Commodity Futures Trading Commission.
With Hester Peirce at the helm, the crypto sector may finally see a more transparent and innovation-friendly regulatory environment. On the technical analysis, Bitcoin is on a clear uptrend, currently trading above the $91k support level and the 50 and 200 moving averages.
On the other hand, Ethereum has been in consolidation, trading between a support level of $3,105 and a price resistance level of $3,691 since December 22. XRP has remained in an uptrend since breaking above the $2,6 resistance level on January 15.
This article was written by Jared Kirui at www.financemagnates.com.
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