Bitcoin Surges Past $80k as SEC Eases Tokenized Trading Rules

Crypto-related stocks surged on Friday as Bitcoin reclaimed the $80,000 level. MicroStrategy (MSTR) gained about 12%, while MARA Holdings rose 9%. Coinbase Global climbed 10%, Galaxy Digital and Circle Internet Group each added 7% and 6% respectively, and Robinhood Markets increased 7.5%.

Bitcoin BTC jumped more than 5% to move above $80,000 for the first time in two weeks. The gains came after the US Securities and Exchange Commission announced a five-year exemption allowing certain platforms to facilitate trading in blockchain-based or tokenized stocks and other securities.

The SEC's 'Innovation Exemption' provides tokenized securities venues with a five-year exemption from certain rules that apply to traditional stock exchanges, including the Nasdaq and New York Stock Exchange. Tokenized stocks are digital representations of shares that can be traded on a blockchain. The SEC said this framework is intended to address regulatory challenges that could otherwise make it difficult for platforms to comply with federal securities laws.

SEC Chairman Paul Atkins noted that the Innovation Exemption aims to facilitate on-chain trading of certain tokenized stocks while maintaining investor protections and market integrity standards. However, synthetic tokens that provide exposure to stocks through derivatives or other products will not be permitted under the exemption.