Here’s what happened in crypto today

Today, in crypto, Elon Musk’s father, Errol Musk, is reportedly looking to raise $200 million through a memecoin token project called Musk It (MUSKIT). Bitwise’s Bitcoin and Ether ETF cleared its first regulatory hurdle, and ECB President Christine Lagarde dismissed Bitcoin as a reserve asset.Elon Musk’s dad plans $200M raise with ‘Musk It’ memecoinJoining the ranks of US President Donald Trump, Elon Musk’s father, Errol Musk, is reportedly looking to launch his own memecoin token project called Musk It (MUSKIT).Musk’s father hopes to raise as much as $200 million from the memecoin project, which he plans to use to support a for-profit think tank called the Musk Institute, he told Fortune.While the Musk It token was silently launched on Dec. 12, 2024, the token failed to gain significant traction, shedding over 52% of its value since launch, to trade at $0.02 with a $25 million market capitalization.SEC gives initial nod to Bitwise’s Bitcoin and Ethereum ETFThe US Securities and Exchange Commission on Jan. 30 gave initial approval to Bitwise’s exchange-traded fund (ETF) tracking the price of Bitcoin and Ether .The regulator approved a form 19b-4 for the “Bitwise Bitcoin and Ethereum ETF” — the first step in a process to allow the ETF to start trading. The SEC will also need to approve what’s known as a Form S-1 for the fund to go live.The fund aims to give exposure to the spot price of both BTC and ETH, weighing each according to each asset’s relative market capitalization, which was 83% BTC and 17% ETH as of the day of filing.The approval comes days after a new crypto-friendly acting chair was appointed to lead the SEC. Bitwise submitted for the joint ETF to regulators in November after Donald Trump’s election win.It’s the third joint BTC and ETH spot fund to be given SEC approvals. The regulator gave the green light to similar ETFs from Hashdex and Franklin Templeton last month.ECB president ‘confident’ Bitcoin will not enter central bank reservesEuropean Central Bank President Christine Lagarde suggested the Czech National Bank was unlikely to approve of adopting Bitcoin as a reserve asset following a conversation with its governor.Speaking to members of the press on Jan. 30, Lagarde said the European Council held the view that reserves of central banks have to be “liquid, secure and safe,” implying that they would not include Bitcoin (BTC). She added that she was “confident” that BTC would not enter the reserves of banks under the council.Lagarde was addressing concerns following Czech National Bank Governor Aleš Michl’s suggestion the central bank invest in Bitcoin as part of its diversification strategy. The Czech central bank’s board voted to explore “other asset classes” on Jan. 30 for its reserves but did not specifically mention Bitcoin.The ECB president’s comments marked one of the first times the bank addressed potential BTC reserves after US President Donald Trump signed an executive order to create a working group to explore regulations around a national digital asset stockpile. At least one ECB member has suggested that the bank continue exploring the development of a digital euro in response to the Trump administration’s seeming embrace of the crypto industry.