Crypto Market Recap: Trump’s First Crypto Bill Signed, SEC Provides New Regulatory Guidance
By Giann Liguid and Meagen Seatter | April 11, 2025
The cryptocurrency market experienced significant movements on Friday, April 11, 2025, driven by recent developments in regulatory and legislative landscapes. Notable events included the signing of a bill by former President Donald Trump aimed at reshaping the cryptocurrency regulatory environment and updated guidance from the U.S. Securities and Exchange Commission (SEC).
Bitcoin and Ethereum Market Update
As of 9:00 p.m. UTC on Friday, Bitcoin (BTC) was valued at $83,823.99, marking a 5.2% increase over the preceding 24 hours. The cryptocurrency’s daily price fluctuated between a low of $81,675.28 and a high of $83,968.58. Ethereum (ETH) also saw gains, now priced at $1,565, reflecting a 3% rise within the same timeframe, with intraday fluctuations from $1,549.00 to $1,582.64.
Other altcoins showed significant growth as well:
- Solana (SOL) traded at $120.57, an 8.4% increase.
- XRP increased to $2.05, up 4.2%.
- Sui (SUI) rose to $2.22, showing a 6.5% gain.
- Cardano (ADA) climbed to $0.6279, marking a 4.9% increase.
These positive movements come in the wake of a tumultuous week characterized by a trade war between the U.S. and China and fluctuating inflation data, which appears to have settled investor nerves.
Major Developments in Crypto Regulation
Trump Signs Bill Overturning IRS DeFi Rule
In a significant move for the crypto sector, President Trump signed legislation nullifying an Internal Revenue Service (IRS) rule that expanded the definition of "broker" to include decentralized finance (DeFi) platforms. This rule, which emerged during the previous administration, mandated that DeFi protocols, which operate without intermediaries, report detailed transaction data to the IRS. Critics from the cryptocurrency community had argued that this requirement was not only impractical but also legally questionable.
The bipartisan effort to reverse the IRS rule was facilitated through the Congressional Review Act and is part of Trump’s ongoing commitment to position the U.S. as a leader in cryptocurrency innovation. Alongside this legislation, the Trump administration has established a federal working group focused on cryptocurrency regulation and initiated an executive order to create a national Bitcoin reserve.
SEC Issues New Guidance on Crypto Securities
As the SEC prepares for its leadership transition, it released new guidance aimed at clarifying how federal securities laws apply to cryptocurrency assets. The guidance urges companies involved in issuing tokens that may be classified as securities to provide more comprehensive disclosures regarding their operations and the functionalities of their tokens.
This includes an examination of whether their products are based on proof-of-work or proof-of-stake consensus mechanisms, transaction speeds, and security protocols. The SEC has underscored the importance of transparency in the crypto space, which it believes is vital as the market continues to mature.
New York’s Legislative Move Towards Crypto Payments
In a separate yet notable development, New York’s legislature is considering a bill that would enable state agencies to accept cryptocurrency for various payments, including taxes and fees. The bill—Assembly Bill A7788—would authorize agreements with payment providers while ensuring final settlements occur in fiat to mitigate potential volatility. Such initiatives indicate a growing acceptance of cryptocurrency within government structures and reflect the broader trend towards mainstream adoption.
Ripple and SEC Legal Proceedings Update
In court-related news, both the SEC and Ripple Labs agreed to pause their ongoing legal proceedings, indicating a possible settlement may be on the horizon as Paul Atkins prepares to take on the SEC chairmanship. This move aims to conserve judicial resources while both parties negotiate.
In addition, the SEC has dropped a lawsuit against Nova Labs, developers of the Helium network, previously alleging they issued unregistered securities.
BlackRock Reports Strong Digital Asset Inflows
Finally, in financial reporting, BlackRock announced a robust $84 billion in total net inflows for Q1 2025, of which $3 billion (about 2.8%) was directed to digital asset products. This development underscores the increasing interest of institutional investors in the cryptocurrency space.
With these events shaping the cryptocurrency landscape, market participants remain optimistic as they navigate the evolving regulatory environment. For ongoing updates and insights through this dynamic sector, follow us at @INN_Technology.
Disclosure: Both authors, Giann Liguid and Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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