Here’s what happened in crypto today

Today in crypto, crypto traders bagged millions as Trump’s Solana memecoin sparked a frenzy, Wyoming is the latest US state to introduce a bill for a Strategic Bitcoin Reserve, and the Securities and Exchange Commission charged Digital Currency Group and former Genesis CEO for misleading investors.Crypto traders profit as Trump’s Solana memecoin sparks frenzyCrypto traders are raking in millions following the launch of Official Trump (TRUMP), a Solana-based memecoin introduced by US President-elect Donald Trump.Announced on Jan. 17, just days ahead of his inauguration as the 47th president of the United States, TRUMP reached a market cap of nearly $9 billion within hours, surpassing memecoins like Pepe and Bonk (BONK).“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR TRUMP NOW,” Trump posted on Truth Social and X.While parts of the crypto community speculated that the announcement could result from a hack, sources close to Trump’s family confirmed to Cointelegraph that the project is legitimate and linked to his non-fungible token (NFT) ventures.A wave of high-profile trades highlighted the token’s meteoric rise.Blockchain analytics firm Lookonchain reported that a wallet named “LeBron” turned a $1 million USD Coin (USDC) investment into over $2 million by acquiring 4.52 million TRUMP tokens just minutes after the launch.Another trader transformed a $1.1 million investment into $70 million in under four hours. The individual sold 1.35 million TRUMP for 3.65 million USDC while retaining 4.62 million tokens valued at $67.5 million.Meanwhile, pseudonymous crypto trader 0xsun purchased nearly 1 million TRUMP tokens with 3,000 Solana (SOL), worth $653,000. By selling part of their holding for $812,000, they netted over $3.7 million in profit.Wyoming proposes bill for Strategic Bitcoin ReserveWyoming, in the United States, has introduced a bill to create a Strategic Bitcoin Reserve, joining several other states nationwide ahead of Donald Trump’s presidential inauguration on Jan. 20.“Wyoming took its first bold step toward a strategic Bitcoin reserve,” Wyoming Senator Cynthia Lummis wrote in a Jan. 17 X post, following the introduction of the bill titled “State Funds-investment in Bitcoin,” which, if passed, allows a portion of Wyoming state funds to be invested in Bitcoin.Lummis, a vocal Bitcoin advocate who introduced the Bitcoin Strategic Reserve bill for the US government in July 2024, praised Wyoming representative Jacob Wasserburger for introducing the legislation to “allow permanent funds to diversify into Bitcoin.”The bill proposed that the Wyoming state treasurer may use the general fund, the permanent Wyoming mineral trust fund, and the permanent land fund to invest in Bitcoin; however, it was said that under each fund, no more than 3% could be allocated to Bitcoin.SEC charges Digital Currency Group for misleading investorsThe US SEC has charged Digital Currency Group (DCG) and former Genesis CEO Soichoro “Michael” Moro with misleading investors about the financial health of Genesis in the aftermath of the Three Arrows Capital (3AC) collapse.According to the Jan. 17 filing, DCG and Moro have agreed to pay a combined $38.5 million in civil penalties, with DCG liable for $38 million and Moro liable for $500,000.Moro and DCG agreed to the civil penalties without admitting to or denying any violations of the Securities Act of 1933.The settlement is the latest chapter in the legal saga of Genesis, which filed for Chapter 11 bankruptcy protection in January 2023 due to a 2022 default by Three Arrows Capital — a former borrower of Genesis.