The opening week of the president of the United States, Donald Trump, has introduced several notable developments in the cryptocurrency sector, indicating the possible regulatory clarity and market optimism.
SD establishes the cryptographic working group
In a significant movement, the United States Securities and Securities Commission (SEC) has formed a dedicated working group to optimize cryptocurrency regulations. This initiative aims to provide clear guidelines for the digital asset market, addressing the concerns of the long data industry. The working group, led by Commissioner Hester Peirce, with the figures of “cryptographic mother” for its pro-crypto position, to develop practical frameworks for the tokens record, transparent dissemination practices and specific compliance actions against the fraudulent activities. The group will be involved with interested parties, including investors, industry participants, academics and other regulatory agencies, to promote a collaborative regulatory environment.
Leadership changes in regulatory bodies
Carolyn Pham has been appointed interim president of the Basic Products Future Trade Commission (CFTC), one of the main regulators that supervises the cryptocurrency industry. In his new role, Pham has initiated a reorganization of the agency's leadership, replacing several senior officials of the previous administration. Harry Jung, who joined CFTC in 2023 as a Pham advisor, will now supervise the agency cryptocurrency division. Pham expressed his confidence in the new leadership team, emphasizing his commitment to adapt regulatory frameworks to the evolutionary digital asset panorama.
Presidential forgiveness for Ross Ulbricht
When fulfilling a campaign promise, President Trump has granted unconditional forgiveness to Ross Ulbricht, the founder of Silk Road, a Darknet market that facilitated bitcoin transactions. Ulbricht was sentenced to life imprisonment in 2015 for his role on the platform, which was associated with illegal activities. The severity of his prayer had been a point of discussion within the cryptocurrency community and among the libertarian circles, who advocated their liberation. President Trump described the sentence as “excessive”, aligning with the feelings that Ulbricht's punishment was disproportionate with his crimes.
Legal reversion for cash tornado
In a related development, a Texas court has raised the prohibition of Tornado Cash, a platform that allows anonymous cryptocurrency transactions. Previously, the platform had been restricted due to concerns about its possible use in money laundering activities. The Court's decision underlines a legal perspective that the platforms that facilitate transactions should not be responsible for the illegal actions of individual users. After the ruling, the value of the native tornado token cash experienced a remarkable increase.
Market outlook
These developments have contributed to a positive feeling in the cryptocurrency market. In particular, the Blackrock CEO, Larry Fink, suggested that bitcoin's price could reach $ 700,000, reflecting the growing institutional interest and confidence in the potential of the digital asset. In addition, there has been an increase in requests for funds quoted in cryptocurrency exchange (ETF), including one based on the “Maga” tab of President Trump, indicating an extension of acceptance and integration of digital assets in traditional financial instruments .
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