President Trump's $TRUMP meme coin experienced a dramatic upswing and downswing this week, ultimately stabilizing after the SEC unveiled a new task force dedicated to regulating the cryptocurrency market.
President Trump's meme coin experienced a turbulent ride over the weekend before stabilizing on Tuesday following the announcement by the Securities and Exchange Commission (SEC) of a dedicated 'crypto task force.' The president's $TRUMP meme coin plummeted to approximately $30 on Monday night after Trump failed to address digital assets on his first day in office, including his campaign promise to establish a national Bitcoin reserve. However, the token rebounded to reach $44 by 4 p.m.
Tuesday after SEC Acting Chair Mark Uyeda unveiled the new team focused on regulating the cryptocurrency market. While Uyeda announced the task force, it will be led by SEC Commissioner Hester Peirce. Uyeda is temporarily holding the position until Paul Atkins completes his confirmation process. The crypto task force will prioritize developing a comprehensive set of regulations and addressing issues related to the registration of cryptocurrencies, according to the SEC. 'We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity and supports innovation,' Peirce stated. Separately, shares in Trump Media, the president's social media company, declined by 11% on Tuesday. Bitcoin surged nearly 5% to $106,877 as Trump appeared to fulfill his promise of a crypto-friendly administration. During his campaign, Trump positioned himself as a crypto advocate, contrasting with the Biden administration's stringent regulatory stance on the industry under former SEC Chair Gary Gensler. On Friday, Trump launched his meme coin, and the first lady swiftly followed suit with a $MELANIA token on Sunday. These tokens lack intrinsic economic value and are primarily linked to the couple's popularity. The market capitalization of Trump's coin has skyrocketed to an estimated $8 billion since its inception, while the first lady's coin has climbed to approximately $800 million. Following Melania's coin introduction, the $TRUMP token lost nearly half its value – a decline attributed by traders to overlapping demand. $TRUMP holders were forced to sell some of their holdings to purchase Melania's coin. Experts have expressed concerns that the president's volatile meme coins and Trump Media stock, which has exhibited similar price fluctuations as a meme coin, tracking his approval ratings, could potentially undermine the cryptocurrency industry's credibility. Furthermore, some critics have denounced the meme coins as a conflict of interest, as Trump directly benefits from the tokens while also shaping market policies
Finance CRYPTOCURRENCY SECURITY AND EXCHANGE COMMISSION MEMECOINS TRUMP MEDIA BITCOIN INVESTOR PROTECTION
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