With Donald Trump's second term, there is a sudden shift in the nation's stance towards cryptocurrencies.
FDIC Introduces New Changes
The Federal Deposit Insurance Corporation (FDIC) announced that banks can engage in crypto-related activities without prior approval. This is part of efforts to reduce unnecessary regulatory barriers. Travis Head, the acting chairman of the FDIC, noted that the new regulations aim to improve how banks engage in crypto and blockchain-related activities.
SEC Policy Review
The Securities and Exchange Commission (SEC) has begun to re-evaluate its actions regarding the crypto market. Under the new leadership of Mark Uyeda, the commission has dismissed most of the filed lawsuits, stating that companies did not exhibit gross mistakes. These changes may create a more favorable environment for cryptocurrency development.
Crypto Market Price Update
At the time of publishing, the crypto market cap stood at $2.71 trillion, declining by 2.47% intraday. The crypto fear and greed index also dropped to 27, indicating fear. In the past 24 hours, significant price declines were seen with Curve DAO token, which lost 12.48%, as well as Sonic, Kaspa, Pancakeswap, and others.
New regulatory changes in the US could create more favorable conditions for the crypto industry, despite current market fears.
