Crypto Market Update: Solaxy Presale, Senator Lummis’s Crypto Role, and More

January 24, 2025 – The cryptocurrency market continues its dynamic journey, marked by new projects, regulatory developments, and significant price fluctuations. This update provides a snapshot of key events from today.

Solaxy Presale Sparks Interest, $TRUMP Struggles

The pre-sale of Solaxy, a new cryptocurrency, is generating buzz among investors. However, the fate of a previous meme coin, $TRUMP, launched before Donald Trump’s 2025 inauguration, remains uncertain. After a brief surge to $75, $TRUMP has declined to $34.76, leaving many wondering about its future trajectory.

Senator Lummis Takes the Helm of Crypto Subcommittee

Significant progress has been made on the regulatory front. Cynthia Lummis has been confirmed as Chair of the newly formed Senate Banking Committee crypto subcommittee. This subcommittee will focus on bipartisan digital asset legislation and oversee Federal Financial regulators in the crypto sector. This development holds significant implications for future regulation and policy affecting the market.

VINE Token Explodes to $400 Million Market Cap

The VINE token has seen remarkable growth, reaching a $400 million market capitalization within its first 24 hours of trading on BYDFi, a global cryptocurrency exchange. This fast growth highlights the potential of the cryptocurrency. However, sustained performance remains to be seen.

SEC Retires SAB 121, Opening Doors for Bank Bitcoin Custody

The SEC’s retirement of SAB 121 is expected to ease regulatory challenges in the crypto custody sector, allowing US banks greater potential access to Bitcoin custody. This is a pivotal moment for the wider adoption of Bitcoin by traditional financial institutions.

Prediction Markets Face Debate on Gambling Classification

The debate over the classification of prediction markets like Polymarket, while facing bans in some areas for their gambling aspects, is still a point of contention. Crypto attorney Aaron Brogan argues that these markets should not be categorized as gambling. These differing viewpoints highlight the evolving understanding of cryptoassets and their regulatory implications.