Bitcoin and Crypto Markets Steady Amid Expectations of Regulatory Framework
The cryptocurrency market saw little price change on Wednesday, following a rally earlier in the week, as the Securities and Exchange Commission (SEC) under President Donald Trump announced plans to create a new regulatory framework for digital assets.
The news boosted confidence that Trump will deliver on his promises of crypto-friendly regulation, sparking gains across the sector. The President’s recently-launched memecoin also rose in value, although it traded well below its post-launch highs.
The SEC, led by acting Chair Mark Uyeda, appointed by Trump, has created a task force to help draft a regulatory framework for crypto, which will also aid other government agencies in drafting crypto-related legislation, including the Commodity Futures Trading Commission.
Trump is expected to issue executive orders reducing regulatory scrutiny of crypto, while bolstering the adoption of digital assets. The President had campaigned on a pro-crypto stance, promising to make America the “crypto capital” of the world.
According to Standard Chartered, the bank advises clients to buy future price dips in Bitcoin and Ethereum, citing medium-term growth potential despite short-term pressures caused by a lack of immediate supportive policies from the Trump administration. The bank projects Bitcoin to hit $200,000 and Ethereum $10,000 by the end of 2025, driven by regulatory clarity and institutional investments.
Trump’s memecoin, $TRUMP, traded up nearly 9% on Wednesday, while his wife Melania’s memecoin, $MELANIA, was received less well and sparked questions over the ethics of using his influence to sway speculative assets. Broader crypto prices traded flat, with some altcoins experiencing volatility.
