A journalist at FOX News wrote in his X post that two agencies are likely planning to work together over cryptocurrency regulations, he cited a source aware of the news that there are chances that in the next few days or weeks, a joint committee of the board of The Commodity Futures Trading Commission and The Securities and Exchange Commission.
For the last few years, the joint advisory committee of the SEC And CFTC was inactive due to some internal reasons, yet the committee is expected to restart its functionality for unbiased laws and regulations.
Yet there is no official confirmation of the SEC or the CFTC over the revival of this joint committee, worth noting the chair of CFTC, Caroline Pham, once said in 2024 that there is a need for the relaunch of the joint team.
As per experts, there is a need for joint operations and reviews in order to tackle primary problems by offering a favorable set of rules for the digital asset sector.
Gary’s exit has changed the SEC’s stance on crypto
Currently, Gary Gensler, the former chair of the United States Securities and Exchange Commission, is serving as a professor at MIT University, following the victory of Trump, Gary chose a way out.
Especially after the exit of Gary, the Securities and Exchange Commission has gotten several orders from the president’s office, and the press time take of the SEC towards crypto seems to be positive.
It is worth noting that in the past few years, both these regulatory commissions have filed several civil and criminal cases against crypto-based companies and collected over $1 billion each in penalties.
Mark Uyeda, the former commissioner of the Securities and Exchange Commission, is currently acting as the chair of the agency, under his temporary leadership, he signed the orders to form a dedicated task force for crypto.
Experts argue that the pro stance of the U.S. SEC will likely change the image of cryptocurrencies worldwide by creating examples for the nation’s opposing crypto and imposing heavy taxes on trading and gains.
In the last quarter of 2024, a published report notes that the total number of crypto users globally has crossed the milestone of 600 million, the growth reflecting the growing interest in blockchain-based products.
Around 45 percent of the future of the crypto market depends on the decisions and actions of the United States; if the nation continues its soft hand, then cryptocurrencies might reach the heights never before.
Crypto market price updates
As of writing, the crypto market cap was $3.17 trillion, and the trading volume was $133.62 billion, with a growth of 33 percent. At the same time, Bitcoin was below 10,20, and 50 days EMA and trading at $96,011.
According to CoinMarketCap, the intraday loser’s list has been dominated by Bitget Token, FTX Token, Raydium, Bittensor, and Solana. At the same time, the gainers are Pancakeswap, BNB, Jito, Polkadot, and Floki Inu.
