SEC Approval Sends Bitcoin Soaring to $78k Amid Regulatory Shift

Bitcoin surged to $78,400 on Friday as markets regained confidence following the SEC's approval of tokenized stocks and regulatory bodies signaling a move towards self-regulation.

The U.S. Securities and Exchange Commission (SEC) introduced an exemption allowing companies to offer trading in blockchain-based stocks and securities for five years.

The market watchdog's decision, which aims to bring digital assets more in line with traditional finance, has sparked hopes that the industry will receive lasting regulation without Congressional intervention.

However, analysts argue that only Congress can pass legislation that is not vulnerable to future changes in the political environment or legal challenges.