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Agency’s crypto task force met with Jito labs CEO and Multicoin capital CEO over crypto staking Jito surged by 16% to a 2 month-high of $3.5 following the SEC’s meeting The SEC’s newly established Crypto Task Force is in the news today after it met with Jito Labs and Multicoin Capital’s CEOs. As per the meeting’s memo, the three parties met to discuss adding staking in crypto exchange-traded products (ETPs). According to reports, the meeting discussed two major points. First of all, they discussed if staking could be part of crypto ETPs and ways to implement it. The SEC argued that adding staking in ETPs will benefit investors while helping native networks grow. With staking, the task force is considering allowing a portion of the assets to be staked through service providers running validators, while allowing timely redemptions. Also, the task force is considering minting a liquid staking token for assets that are staked. Now, the SEC has largely been cautious over staking in ETFs or ETPs so far because of the “unbonding period.” This could slow down the redemption process for investors and cause tax issues. Even so, this development is good news for crypto assets that have faced much regulatory uncertainty under the previous administration. Any impact on JTO? As expected, the meeting had a massive impact on Jito’s native token JTO. After the meeting, Jito [JTO] hiked by 16.67% to hit a 2-month high of $3.58. At the time of writing, Jito had retraced somewhat to trade at $3.1. This marked a 28.87% hike on the weekly charts, extending its bullish outlook by 20.04% on the monthly charts. Thanks to the latest price pump, strong upward momentum is on JTO’s side now, with buyers dominating the market too. Source: Coinglass We can see buyers’ dominance as Jito’s…

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Filed under: News - @ February 15, 2025 6:17 pm