Bitcoin and Meme Coins Surge Amid SEC Initiatives
Bitcoin's price has increased by 2.7%, reaching $104,991. This uptick follows the Securities and Exchange Commission's (SEC) announcement of a "crypto task force" aimed at developing a regulatory framework for digital assets. The task force will be led by Commissioner Hester Peirce, known for her pro-crypto stance.
Trump Family Launches Cryptocurrency Tokens
President Donald Trump and First Lady Melania Trump have introduced their own meme coins, $TRUMP and $MELANIA. The $TRUMP token has achieved a market capitalization of $9 billion, while $MELANIA's stands at $810 million. These tokens have attracted criticism from ethics watchdogs due to potential conflicts of interest, as significant holdings in these tokens could influence political decisions.
Crypto Firm Pleads Guilty to Market Manipulation
CLS Global, a cryptocurrency financial services firm, has agreed to plead guilty to charges of market manipulation related to a digital token created by the FBI as part of an undercover operation. This investigation, called "Operation Token Mirrors," was the first of its kind, with the FBI creating its own digital token and a fake cryptocurrency company to uncover fraud in the crypto market.
Melania Trump Joins Meme Coin Market
Melania Trump has entered the meme coin market by launching her own cryptocurrency, the Official Melania Meme, two days after her husband Donald Trump saw a significant rise in his net worth from his Fight Fight Fight coin. Meme coins, though lacking transactional value, are created to capitalize on trends and personalities, with Dogecoin being the most well-known example.
Montenegro Extradites Crypto Mogul Do Kwon to the U.S.
Montenegro has extradited Do Kwon, the founder of Terraform Labs, to the United States. Kwon, known as "the cryptocurrency king," faced legal challenges in Montenegro after his arrest in March 2023 while attempting to leave for Dubai with fake Costa Rican passports. Despite concurrent extradition requests from South Korea and the U.S., Montenegro's justice ministry decided in favor of the U.S
