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It’s official: Gary Gensler, former chairman of the US SEC and a notorious adversary of the crypto ecosystem, has stepped down. This marks a monumental day for crypto and a highly bullish development for the industry, as the past four years under Gensler's leadership have been fraught with challenges for cryptocurrency regulations and ETF filings.
This departure doesn’t come as a surprise. One of Donald Trump’s campaign promises—and a strategic move to win over crypto-friendly voters—was to dismiss Gensler and appoint a more crypto-friendly chair to the SEC. Under Gensler, the SEC faced significant criticism from crypto companies and investors for regulating the industry through enforcement actions rather than providing a clear and actionable regulatory framework. This approach created widespread confusion about what is legal and fostered a hostile environment for the crypto industry.
Overnight, the SEC announced the creation of a new Crypto Task Force, which will be led by SEC Commissioner Hester Peirce. Known in the industry as the “Crypto Mom” due to her consistent dissent against SEC enforcement actions targeting crypto companies, Peirce’s leadership signals a shift towards a more cooperative and transparent regulatory approach.
According to the SEC, the task force aims to “establish clear regulatory boundaries, offer practical registration pathways, design effective disclosure frameworks, and strategically utilise enforcement resources.” This should provide much-needed clarity for crypto companies, projects, and investors, eliminating the ambiguity that has plagued the sector in recent years.
In response to this announcement, Bitcoin rallied by 3%, bringing altcoins along with it. The broader market saw a positive 24-hour period, with gains across the majority of cryptocurrencies.
Source:https://x.com/JSeyff
This new, crypto-friendly SEC is expected to have a significant impact on crypto ETF filings. We are likely to see an increase in applications, not just for Bitcoin (BTC) and Ethereum (ETH) ETFs but also for other major cryptocurrencies like XRP and Solana (SOL). Even meme coins such as TRUMP, BONK, and DOGE have recently seen ETF filings, as shown in the image above. With clearer regulations, more crypto ETFs are likely to gain approval, potentially driving further bullish momentum across the market.
In another breaking development, President Trump has officially pardoned Silk Road founder Ross Ulbricht. While Trump has yet to sign a pro-crypto executive order, this pardon is a promising gesture that signals his commitment to the crypto-friendly policies he campaigned on, including the Strategic Bitcoin Reserve initiative.
Stormrake Spotlight: Trump (TRUMP) ($44.31)
Stormrake Spotlight: Trump (TRUMP) ($44.31)
TRUMP, a meme coin, has seen a 30% bounce since yesterday’s spotlight. It appears to have cemented itself as a dominant force within the meme coin sector. Notably, a recent filing for a TRUMP meme coin ETF has further bolstered its position.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin is currently bullish, trading above the key level of $104,000. The market appears poised to retest the all-time high (ATH). If BTC fails to surpass the ATH, it could establish a lower high, signalling potential bearish control. Maintaining the $104,000 level is crucial; losing it may be the first indication of a bearish reversal.
BTC Total ETF Flows for 21 Jan: $ + 133.7 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum remains within the broader range discussed yesterday and is currently forming a symmetrical triangle pattern. This pattern is defined by consecutive lower highs and higher lows, suggesting a breakout is imminent. A break to the upside would be bullish, pushing ETH higher, while a downside breakout would likely send ETH to the lower boundary of the range.
ETH Total ETF Flows for 21 Jan: $ + 11.2 million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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