The administration of President Donald Trump announced the first significant step towards reducing regulatory pressure on the cryptocurrency industry. The U.S. Securities and Exchange Commission (SEC) announced the creation of a “cryptocurrency working group” that will develop a comprehensive and clear regulatory framework regarding digital assets. The group will be led by SEC Commissioner Hester Peirce.
“We are pleased to work together with the public to create a regulatory environment that protects investors, facilitates capital formation, ensures market integrity, and supports innovation,” Peirce noted.
The White House’s stance on cryptocurrencies has undergone radical changes compared to the policy of the Joe Biden administration. Former SEC Chairman Gary Gensler was known for his strict approach to cryptocurrencies, blocking attempts to create cryptocurrency ETFs, implementing stringent accounting requirements, and filing numerous lawsuits against leading industry companies.
“Clarification on who needs to register, and practical solutions for those who seek to do so, remain elusive. This creates an environment hostile to innovation and conducive to fraud. The SEC can do better,” the SEC statement said.
The working group plans to hold public hearings and involve representatives of the crypto industry, investors, academia, and other interested parties. It will also collaborate with federal departments and agencies, including the Commodity Futures Trading Commission (CFTC).
The news had a positive impact on the market: Bitcoin rose by 2.4%, reaching the mark of $107 thousand. The global crypto market volume increased by 1.30% — $3.64 trillion.
On the eve of the inauguration, Donald Trump and Melania Trump launched memecoins TRUMP and MELANIA, which initially showed rapid growth, but later experienced a decline.