The U.S. Securities and Exchange Commission (SEC) has launched a new task force led by Commissioner Hester Peirce to develop a clear regulatory framework for crypto assets. This move is seen as a major win for the crypto industry, which has been asking for clear rules for years. Indeed, Kraken’s global head of policy, Jonathan Jachym, said that he is looking forward to establishing regulatory clarity.
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The SEC’s new leadership, which includes acting Chair Mark Uyeda, is working to overhaul crypto policy and undo years of industry crackdowns seen under former President Joe Biden’s SEC. In fact, the previous administration sued several crypto companies, such as Coinbase (COIN) and Kraken, by alleging that they had violated SEC rules. However, these companies have denied the allegations by arguing that the SEC’s rules are inappropriate for cryptocurrencies.
Nevertheless, with seemingly brighter days ahead for the industry, thanks to investor excitement over the new crypto-friendly administration, Bitcoin surged in today’s trading.
Is Bitcoin a Buy?
Using TipRanks’ technical analysis tool, the indicators seem to point to a positive outlook for Bitcoin. Indeed, the summary section pictured below shows that 16 indicators are Bullish, compared to two Neutral and four Bearish indicators.
