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ONDO Price Surges 17% After SEC Task Force Meeting: What’s Next?

Published by
Nidhi Kolhapur

The SEC’s crypto task force, led by hester peirce is actively meeting with digital asset companies to create new regulations for the industry.

On April 24, the task force met with Ondo Finance and law firm Davis Polk & Wardwell. The discussion centered around the rules for tokenizing U.S. assets and how blockchain-based systems could comply with existing financial regulations.

Regulatory Sandboxes Take Center Stage

The session was mainly focused on creating regulatory sandboxes or relief options that could encourage innovation within the existing compliance systems. This approach shows Ondo’s commitment to providing legally compliant institutional-grade tokenization solutions through blockchain.

After the news, Ondo’s token price jumped 7.5%, crossing $1 and reaching a $3 billion valuation for the first time since March 7. The token is currently showing strong upward momentum as it trades above $1.03 with a surge of over 17% in the past 24 hours. 

Ondo Finance has previously donated $1 million to Donald Trump’s inauguration fund, and Davis Polk recently announced that it would represent Trump’s social media company, Truth Social, in launching crypto-linked ETFs.

Analysts Eye Bullish Breakout

Technical analysis shows that Ondo’s price could continue to rise in the coming weeks after it emerged from a consolidation phase. If the price manages to close above $0.98, it could rise 21%, targeting $1.18. While the support level is at $0.81 and the next target is at $1.09, a breakout could further push the price to $1.20.

Besides, analyst Dami-Defi said that ONDO has broken out of its descending re-accumulation pattern and is gearing up for a macro-scale rally. The first target is $1.88, and if the momentum continues, it could reach $3.50. Another analyst suggests that Ondo could follow the trends of global money supply (M2), and something big might be on the horizon for the token.

FAQs

Why did ONDO’s price surge?

ONDO surged after news broke that the SEC’s crypto task force met with Ondo Finance and Davis Polk to discuss regulatory frameworks for tokenized U.S. assets

What was discussed during the SEC task force meeting?

The meeting focused on creating regulatory sandboxes and exploring legal pathways for blockchain-based tokenization of real-world assets, emphasizing compliance and innovation.

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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