Bitcoin traded around $64,000 on Wednesday, consolidating gains after a volatile session that saw the largest cryptocurrency briefly approach $70,000. The move followed a White House meeting between President Donald Trump and senior financial regulators, where Trump reiterated calls for Congress to advance the Digital Asset Market Clarity Act.
The CFTC and SEC are preparing to address crypto market structure in the coming days. The CFTC’s Innovation Advisory Committee convened its first meeting Thursday, while the SEC proposed two exemptions under its "Regulation Crypto Assets" framework. The proposals would allow eligible issuers to raise up to $5 million over four years or up to $75 million within any 12-month period without full securities registration, provided issuers meet defined conditions.
SEC Chairman Paul Atkins stated the proposals aim to provide clear capital-raising pathways while maintaining investor protections. "This framework offers a safe harbor once an issuer completes its promised managerial efforts," Atkins said in remarks tied to the proposal.
In broader markets, the U.S. Treasury announced it would at least double its long-dated bond buyback operations starting September 9, increasing liquidity support for 10- to 30-year securities from $2 billion to $4 billion per operation. The 30-year Treasury yield fell 8.9 basis points to 5.196%, retreating from a 17-year high of 5.337% reached earlier in the week.
Cryptocurrency markets showed mixed performance after the White House gathering. Ether advanced 19.7% to $2,288.49, while XRP and Solana each rose over 12%. Memecoins such as $TRUMP surged 20.2%, though Bitcoin and Dogecoin lagged with gains of 8% and 8%, respectively. BNB and Cardano also posted modest increases.
Geopolitical risks, including heightened tensions between the U.S. and Iran, tempered appetite for risk assets. Oil prices have risen this week on supply concerns, adding to inflation jitters that have weighed on global markets since the Federal Reserve’s July policy decision. Mega-cap companies have also contributed to market volatility through increased debt issuance for AI infrastructure investments.
Regulatory clarity remains a key focus for crypto investors as U.S. agencies refine their approaches to digital assets. The CFTC’s advisory committee is expected to provide recommendations on technological impacts to financial markets, while the SEC’s proposals signal a step toward formalizing crypto market rules.
