"SEC's Crypto Task Force Meets with Jito Labs and Multicoin Capital to Discuss Staking Integration in Crypto ETPs"

The U.S. Securities and Exchange Commission's (SEC) newly established Crypto Task Force has sparked significant interest in the cryptocurrency market following a meeting with Jito Labs and Multicoin Capital's CEOs. The primary focus of the meeting was to discuss the integration of staking in crypto exchange-traded products (ETPs).

The discussion centered around two key points: first, whether staking could be incorporated into crypto ETPs, and second, how to implement this integration. The SEC argued that adding staking to ETPs would benefit investors while fostering the growth of native networks. The task force considered allowing a portion of the assets to be staked through service providers running validators, while ensuring timely redemptions. Additionally, they explored the possibility of minting a liquid staking token for assets that are staked.

Historically, the SEC has been cautious about staking in ETFs or ETPs due to concerns about the "unbonding period," which could slow down the redemption process for investors and cause tax issues. However, this development signals a positive shift in the regulatory landscape for crypto assets, which have faced uncertainty under previous administrations.

The meeting had a substantial impact on Jito's native token, JTO. Following the meeting, JTO surged by 16.67% to reach a 2-month high of $3.58. At the time of writing, JTO had retraced somewhat to trade at $3.1, marking a 28.87% increase on the weekly charts and a 20.04% gain on the monthly charts. The latest price pump has strengthened JTO's bullish momentum, with buyers dominating the market.

Analyzing JTO's spot netflows over the past 24 hours reveals a significant increase in exchange outflows compared to inflows, indicating that investors are actively accumulating the asset by storing it in private wallets or cold storage. Furthermore, long positions have been dominating the futures market, with 53% of contracts held by long traders, suggesting a strong bullish sentiment among market participants.

The recent shift in weighted sentiment from bearish to bullish further validates the bullish outlook for JTO. After being stuck within the negative zone for the past six days, weighted sentiment has turned positive, indicating that more participants are bullish about the cryptocurrency.

As the SEC begins