Under the Trump administration, the SEC launches a "cryptocurrency working group": here are the details.

The Securities and Exchange Commission under Donald Trump is establishing a "cryptocurrency task force" aimed at "developing a comprehensive and clear regulatory framework for crypto assets." This was reported by CNBC, as stated by UNN.

Details

According to CNBC, on Tuesday, January 21, the Trump administration announced its first concrete step towards reducing regulation for the cryptocurrency industry by introducing an initiative to create a unified regulatory framework for digital assets.

The U.S. Securities and Exchange Commission (SEC) announced that Acting Chair Mark Wetjen has launched a "cryptocurrency working group" that will focus on ensuring transparency in the cryptocurrency market, which is valued at $3.7 trillion. The initiative will be led by SEC Commissioner Hester Peirce.

According to the SEC, the commission's task will be to develop a clear set of rules and address issues related to coin registration.

Following this announcement, the price of Bitcoin rose by approximately 2.4%, surpassing $106,000.

It is noted that shortly before his inauguration, Trump expressed his support for digital currencies by launching his own meme coin called $TRUMP, while First Lady Melania Trump issued a meme coin named $Melania. Both tokens quickly increased in value before experiencing a sharp decline.

The cryptocurrency working group plans to organize public hearings and gather opinions from various stakeholders, including investors, academics, and industry leaders. Collaboration with other federal agencies, such as the Commodity Futures Trading Commission (CFTC), is also planned to unify regulations.

Reminder

Donald Trump planned to create an advisory council on cryptocurrencies at the beginning of his presidency. The new body will comprise up to 20 members and will assist the government in shaping favorable policies for the crypto market.