The SEC announced a task force to develop a regulatory framework for crypto assets, just one day after the president Trump’s s inauguration.

President Donald Trump promised crypto investors he’d usher in an era of legitimacy for an industry that’s long been relegated to the financial wilderness — dismissed by some mainstream investors as an highly speculative bet at best or an elaborate Ponzi scheme at worst.

But by associating himself so closely with meme coins, some crypto fans worry that Trump hurts his ability to enact reforms

He is expected to sign executive orders to elevate crypto to a national policy priority and form a Presidential Council of Advisers for Digital Assets.

The Trump administration took its first step on Tuesday towards reducing regulatory barriers for the cryptocurrency industry. In a move eagerly awaited by digital asset enthusiasts, the Securities and Exchange Commission (SEC) announced that Acting Chair Mark Uyeda has launched a “crypto task force” to create a clear and comprehensive regulatory

President Trump’s newly released memecoin could ultimately help delegitimize the rest of the digital currency ecosystem.

"A lot of crypto investors were expecting Trump to mention bitcoin or crypto in his speech yesterday, but previous presidents have never mentioned stocks or other tradable assets

The price of bitcoin and other digital assets has soared since Trump won the US elections. A lavish "Crypto Ball" ahead of Trump's inauguration sold tickets for thousands of dollars. Now, the mood is souring.