In turn, the creation of a task force by the SEC under the Donald Trump administration suggests a shift toward a friendlier, more regulatory approach, which could provide the clarity needed to encourage innovation and protect investors.
The cryptocurrency market faces a new decline, with the Bitcoin (BTC) which cuts 3.5% in the last 24 hours, reaching over US$100,000, while Ethereum (ETH) falls 2% and loses the US$3,300 barrier, according to the price of Binance.
Most major altcoins are also seeing declines, with XRP, solana (SOL), Binance coin (BNB), cardano (ADA), and tron (TRX) recording losses of between 1% and 2%. The declines are most pronounced in dogecoin (DOGE) and chainlink (LINK).
This adjustment in the market occurs after the announcement that the Chicago Mercantile Exchange (CME) is considering launching futures contracts for XRP and SOL, with a possible trading start date of February 10, subject to regulatory approval. However, a CME spokesperson clarified that the information was incorrect and that no decisions have been made on the matter.
In another development, Bitwise has filed to create a DOGE ETF, joining other fund managers seeking to launch similar products. However, meme tokens, such as DOGE, lack intrinsic value, meaning investors are betting primarily on price fluctuation.
Despite recent volatility, DOGE has seen a significant increase in value over the past year, fueled by the growth of bitcoin and its association with Elon Musk, who has been named to lead the new United States Department of Government Efficiency.
Trump and a new crypto promise
In a broader context, President Donald Trump has begun to implement changes to the regulation of the crypto sector, with the Securities and Exchange Commission (SEC) announcing the creation of a working group dedicated to establishing a clear regulatory framework for crypto assets. . This group, led by Commissioner Hester Peirce, seeks to address criticism of the SEC’s previous management, which was accused of creating a hostile environment for innovation in the sector.
Peirce emphasized the importance of collaborating with a broad range of stakeholders to develop regulations that protect investors and encourage innovation, marking a shift in focus compared to the previous administration. As the cryptocurrency market navigates these changes, the community hopes that a more favorable regulatory environment will boost confidence and growth in the sector.
Source: Ambito
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