Bitcoin, Trump Coin Rise. Why the SEC 'Task Force' Will Boost Cryptos. — Barrons.com

By George GloverBitcoin was rising on Wednesday after Donald Trump's new administration made its first move that could boost cryptocurrency prices.The world's largest token was up 2.7% to $104,991 over the past 24 hours, according to data from the crypto exchange Kraken. It's trading about 4% short of the record high it hit Monday, the day of Trump's inauguration day.The Official Trump meme coin climbed 7%, having plunged the previous day as excitement about its launch faded. Some crypto enthusiasts have slammed the token, launched by the 47th President's family along with a similar "Melania" meme coin, as little more than a cash grab.On Tuesday, Securities and Exchange Commission acting chairman Mark Uyeda laid out the agency's plan to launch a "crypto task force" that will develop a regulatory framework for digital assets. The task force will be headed by SEC Commissioner Hester Peirce, who is seen as one of the agency's most crypto-friendly figures.Crypto investors are hopeful the new initiative is a sign that Trump is still committed to cutting crypto red tape, after his first day in office left them feeling underwhelmed. The 47th president signed a flurry of executive orders on inauguration day, but none of them addressed the digital-asset sector.Write to George Glover at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.