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Bitcoin Rallies to $105K

Bitcoin rallied to around $105K after President Donald Trump’s executive actions establishing a working group on digital assets.

The executive order creates a working group that will advise the White House on digital asset policy and evaluate the creation of a digital asset stockpile, which could be made up of cryptocurrencies the government seizes in investigations. Trump signed the order on Thursday in Washington with White House AI and crypto czar David Sacks present.

Crypto stocks gained in overnight trading. Canaan rose 3%; Riot Platforms, MicroStrategy, and MARA Holdings rose about 2%; Coinbase rose 1%.

Trump Orders Crypto Working Group to Draft New Regulations, Explore National Stockpile

U.S. President Donald Trump on Thursday ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile, making good on his promise to quickly overhaul U.S. crypto policy.

The much-anticipated action also ordered that banking services for crypto companies be protected, alluding to industry claims that U.S. regulators have directed lenders to cut crypto companies off from banking services - something regulators deny. The order also banned the creation of central bank digital currencies in the U.S. which could compete with existing cryptocurrencies.

In another key action pushed for by the crypto industry, the U.S. Securities and Exchange Commission late on Thursday rescinded accounting guidance that had made it very expensive for some listed companies to safeguard crypto assets on behalf of third parties. The crypto industry said that guidance had stymied digital asset adoption.

Days After Gensler Leaves, SEC Rescinds Controversial Crypto Accounting Guidance SAB 121

The U.S. Securities and Exchange Commission has revoked controversial crypto accounting guidance following upheaval from lawmakers and the crypto industry alike. 

The SEC's move on Thursday marks another shakeup in the agency following former SEC Chair Gary Gensler's resignation and a potentially new era of regulating crypto. The agency issued Staff Accounting Bulletin No. 122, which "rescinds the interpretive guidance included in Topic 5.FF in the Staff Accounting Bulletin Series entitled Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users." 

"Bye, bye SAB 121! " said SEC Commissioner Hester Peirce on Thursday in a post on X. "It's not been fun…"

Morgan Stanley Figuring Out How to Act as Transactors of Crypto, CEO Says

Morgan Stanley (MS) is figuring out how it can act as a transactor in the crypto market, CEO Ted Pick said.

The bank, which has some $1.6 trillion of assets under management, will work with the U.S. Treasury and other regulators to figure out how it can offer crypto in a safe way, Pick said in an interview with CNBC at the World Economic Forum in Davos, Switzerland on Thursday.

“For us, the equation is really around whether we, as a highly-regulated financial institution, can act as transactors,” he said.

Binance Labs Rebrands to YZi Labs with CZ at the Helm

Binance Labs, the venture capital arm and incubator of Binance Holdings, is getting a fresh start as Changpeng Zhao transitions it into a family office.

On Jan. 23, Binance Labs announced its rebranding to YZi Labs and unveiled a new leadership team led by Binance founder and former CEO Changpeng Zhao, known also as CZ.

According to the announcement, CZ will run YZi Labs alongside Ella Zhang, who co-founded Binance Labs in 2018. During her tenure at the VC platform, Zhang oversaw the incubation of multiple crypto projects that have grown into top ecosystems in the market, including Polygon, Injective, Dune Analytics, Certik, and SafePal.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Thursday was $188.65 million. The total net asset value of Bitcoin spot ETFs is $121.6 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.94%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net inflow on January 23 was iShares Bitcoin Trust (IBIT), with a net inflow of $154.64 million. Following that was Bitwise Bitcoin ETF (BITB), with a net inflow of 42.15 million, according to SoSoValue.

Source: SoSoValue