Trump’s Crypto Czar comments have shaken the idea of a US Bitcoin Reserve, but the new SEC taskforce gives hope – so why is crypto going down?
If you can stomach volatility, this is not the best time to hold a large amount of Bitcoin, XRP, Ethereum, or any other altcoin. The crypto market is nothing short of turbulent. While this volatility helps purge the market of speculators, there have been major drawdowns, particularly for those who bought in around the $100,000 mark.
Much of the current market swings can be attributed to comments from David Sacks, the new crypto chief in the United States. His press conference on February 4 undoubtedly shook investor confidence, especially since much was expected regarding forming a Bitcoin reserve.
In his announcement, where he appeared alongside other lawmakers, Sacks stated that the President intends to provide regulatory clarity on digital assets, contrasting the approach of the United States Securities and Exchange Commission (SEC) over recent years.
Only after this clarity is established can a working group seriously consider the idea of a Bitcoin reserve, which will then be vetted and confirmed.
His comments initially lifted prices, but soon afterward, Bitcoin and top altcoins fell, wiping out billions in market value. Amid this market downturn, Wall Street Pepe (WEPE) has been trending higher, defying the broader crypto slump.
Crypto Czar Has Focus on Clear Crypto Regulations Ahead of Bitcoin Reserve
To create this clarity, Sacks announced the formation of a working group tasked with drafting two critical bills. One will focus on stablecoin regulations, while the other will address broader crypto oversight.
This initiative aligns with the President’s campaign promises. A clear crypto regulatory framework is crucial for adoption and industry stability, as startup founders “just want to know what the rules of the road are so they can abide by them.”
As part of this push for clarity, SEC Commissioner Hester Peirce earlier noted that the newly formed crypto task force is reassessing its stance on ICOs. In addition, the SEC has already reduced its enforcement division.
Another key promise was the formation of a strategic Bitcoin reserve. Sacks declared this a top priority but emphasized that it is still in the early stages.
The newly formed working group will decide whether a Bitcoin reserve is feasible. If its findings align with government objectives, the initiative will go live, running in parallel with the American Sovereign Wealth Fund.
This uncertainty has sent jitters across the crypto market, pushing prices lower – as volatile chop continues to boost trader cortisol levels.
Wall Street Pepe Defies Gravity: Near $70M Raised in Q1’s Biggest Presale
Amid this downturn, some investors see Wall Street Pepe as a better investment option and one of the best cryptos to buy in February 2025. So far, over $69 million has been raised in its ongoing presale.
WEPE, the utility meme coin, is gaining traction. Global investors buy over $1 million worth of tokens on average daily. Currently, WEPE is trading at just $0.0003665; you can purchase it using cash, USDT, or ETH.
You have to act now; the presale ends in just 11 days.
WEPE holders are enthusiastic about Wall Street Pepe’s plan to decentralize trading, promoting a more community-driven approach away from the monopoly and manipulation by whales. Holders will benefit from forming a collective where traders and investors can share market insights and signals.
The demand for WEPE is overwhelming, making this an opportune investment time. On YouTube, analysts predict WEPE might outperform TRUMP and other top meme coins upon launch.
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The post Crypto Czar Backs BTC Reserve and SEC Taskforce Drawdown: Why is Crypto Going Down? appeared first on 99Bitcoins.
