Bitcoin Surges Past $81K Despite Regulatory Setback
The Bitcoin price surged past $81,000 on Friday, despite a recent regulatory setback. This unexpected rally came as a surprise to even some of its biggest believers.
Fresh moves from the two largest regulators in the United States suggest that the local crypto industry is still advancing on the regulatory front. The SEC's introduction of a five-year 'Innovation Exception' program for tokenized US stocks, and the CFTC's submission of 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets' to the White House Office of Information and Regulatory Affairs for review, may have reassured markets that the regulatory process has not returned to square one.
The SEC's program allows eligible trading venues relief from some exchange requirements and offers liquidity providers temporary exceptions from dealer-registration rules. Although tokenized stocks must still provide the same core shareholder rights as traditional equities, synthetic products that simply track the share price will be excluded.