"Meme Coins Surge: SEC's Crypto Task Force Braces for Impact"

Lightchain AI, a cryptocurrency exchange-traded fund (ETF), has gained traction alongside the launch of TRUMP and MELANIA meme coins. Tuttle Capital Management has filed for 10 new leveraged crypto ETFs, including these meme coins, which aim to amplify the returns of the underlying tokens using financial derivatives and debt. The approval and launch of these ETFs, expected by April, will test the regulatory boundaries set by the SEC's new crypto task force led by Hester Peirce.

Meanwhile, Scott Bessent, recently confirmed as Treasury Secretary in President Donald Trump's administration, is poised to tackle crypto regulation but will prioritize tax policies initially. Despite not focusing on crypto during his nomination hearing, Bessent is well-regarded in the digital assets sector and has been tasked with leading US initiatives for a more favorable crypto oversight system.

CFTC Acting Chairman Caroline D. Pham announced a series of public roundtables to discuss market structure innovations, including digital assets, prediction markets, and related issues. These initiatives aim to enhance transparency, gather extensive input from various stakeholders, and adapt regulatory frameworks to support US economic growth and competitiveness.

Following a sharp decline in Bitcoin and other crypto assets, triggered by a Nvidia-led tech stock fall due to the efficient artificial intelligence model, DeepSeek, analysts are viewing the selloff as a buying opportunity. Bitcoin faced a rapid drop from $105,000 to below $98,000, raising concerns of a deeper pullback. However, professionals like Geoffrey Kendrick from Standard Chartered and analysts at LondonCryptoClub suggest that the fundamental market conditions support buying the dip. This sentiment is despite potential further challenges due to upcoming big tech earnings and the Federal Reserve's meeting outcomes.

Abstract Chain, an Ethereum Layer 2 network developed by Igloo Inc., has now launched on the mainnet. Built using ZKsync's ZK rollups, it offers low-cost, scalable transactions tailored for Web3 applications, especially community-driven ones. Igloo Inc., owner of the Pudgy Penguins NFT collection, designed Abstract Chain to enhance user experience through features like account abstraction, allowing wallet operation via smart contracts and user-friendly access options, including social logins. The network also introduced The Portal, a blockchain platform simplifying instant wallet creation and dapp access.

The Solana-based token mimicking the Chinese