Here’s what happened in crypto today
Today in crypto, the US Securities and Exchange Commission has announced a Crypto Task Force that will develop a regulatory framework for digital assets. Dogecoin rallied after Elon Musk’s Department of Government Efficiency launched its official US government website displaying the dog-themed cryptocurrency’s logo, and industry pundits are holding onto hope that Donald Trump will soon take action on crypto after remaining silent on digital assets on his first day in office.SEC launches crypto task force led by Hester PeirceThe US SEC has taken its first step toward crypto regulatory clarity following former Chair Gary Gensler’s departure on Jan. 20.According to a Jan. 21 announcement, the agency is creating a crypto task force dedicated to developing a framework for digital assets. The task force will be led by Commissioner Hester Peirce, dubbed “Crypto Mom” for her pro-crypto stance when it comes to regulation. The task force was announced by Commissioner Mark Uyeda, who is serving as acting SEC chairman until the US Senate confirms the nomination of former SEC Commissioner Paul Atkins to serve the remainder of former Chair Gensler’s term. “The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously,” said the financial watchdog in a statement. Musk’s DOGE agency launches official website with Dogecoin logoDogecoin rallied more than 11% following the latest developments around Elon Musk’s agency for US governmental efficiency.The Department of Government Efficiency (DOGE), led by Musk and aimed at cutting government spending and streamlining regulations, launched its official website on Jan. 21.Following the release of the official website, Dogecoin (DOGE) rallied over 11% to $0.38, Cointelegraph Markets Pro data shows.Dogecoin has gained significant momentum from the developments surrounding Musk’s non-governmental agency. Retail investors view the agency as a potential catalyst for Dogecoin’s price since the agency shares the same logo and acronym with the cryptocurrency.Shortly after the website’s launch, Dogecoin’s price briefly surpassed $0.40.Still, Dogecoin remains over 48% lower than its all-time high of $0.73, which was hit nearly four years ago on May 8, 2021, CoinMarketCap data shows.Trump wraps day one actions with no moves on cryptoUS President Donald Trump wrapped up his first day back in the White House with 42 executive orders, memoranda and proclamation actions — alongside multiple speeches — not one of which addressed or mentioned crypto.Industry commentators, however, are hopeful that action on crypto is yet to come with Reflexivity Research co-founder Will Clemente saying on X that some were “freaking out” that Trump was yet to make a move on crypto.However, crypto lawyer Jake Chervinsky said that “for the first time ever,” the acting heads of the Securities and Exchange Commission and Commodity Futures Trading Commission were “in the hands of leaders who oppose regulation by enforcement and support clear rules of the road for crypto.”FOX reporter Eleanor Terrett also posted to X that crypto policy leaders are expecting an executive order banning a central bank digital currency and another creating a crypto council but added it’s “unclear when exactly those EOs may be signed.”Other crypto commentators are expecting action on a strategic Bitcoin reserve, a pardon for Silk Road founder Ross Ulbricht and for Trump to sign an executive order covering crypto de-banking.Follow Cointelegraph’s live blog for more of Donald Trump’s first days back in office.