Bitcoin heads for weekly gains on regulatory cheer
Bitcoin was set to add about 10% this week, with the world’s largest crypto outpacing broader risk-driven markets despite headwinds from the Iran war.
Gains in the crypto came chiefly after the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) said on Wednesday they will collaborate to establish a more comprehensive regulatory framework for U.S. markets.
Under the agreement, the two agencies signaled they will work together to provide a federal policy that entails a "fit-for-purpose regulatory framework for crypto assets and other emerging technologies.”
Called the “Joint Harmonization Initiative,” the agreement aims to create formal data-sharing protocols, streamline reporting requirements, and end separate crypto enforcement actions by the CFTC and SEC.
While the agreement is non-binding, the announcement helped shore up optimism for a more comprehensive regulatory framework for crypto.
