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Gold continues to be the star of the cycle, jumping to a new record above $3,050 per ounce.

The crypto industry continues to rack up wins in Washington, with Ripple Labs CEO Brad Garlinghouse announcing on X on Wednesday that the Securities and Exchange Commission will drop its appeal of a lawsuit brought against it.

Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) are up 2.9%, 7.3%, and 3%, respectively, as of 2:30 p.m. ET. The S&P 500 is up 0.8% and the Nasdaq Composite is up 1.1%. All three cryptocurrencies got a boost from news that the SEC's appeal in its case against XRP would be dropped, a major step that confirms the Trump administration's softer approach to crypto regulation, boosting the whole market.

It’s just the latest instance of the SEC easing up on the cryptocurrency industry during the Trump presidency.

(Bloomberg) -- Ripple Chief Executive Officer Brad Garlinghouse said the US Securities and Exchange Commission case against the crypto company has ended, the latest of several enforcement actions that have been abandoned during the early weeks of President Donald Trump’s administration. Most Read from BloombergDespite Cost-Cutting Moves, Trump Plans to Remake DC in His StyleAmtrak CEO Departs Amid Threats of a Transit Funding PullbackNew York Subway Ditches MetroCard After 32 Years for Tap-And-G

(Bloomberg) -- The crypto industry is on a roll in Washington and it’s not just because of Donald Trump.Most Read from BloombergDespite Cost-Cutting Moves, Trump Plans to Remake DC in His StyleAmtrak CEO Departs Amid Threats of a Transit Funding PullbackNew York Subway Ditches MetroCard After 32 Years for Tap-And-GoNYC Plans for Flood Protection Without Federal FundsThe Scary Thing About the Wildfire That Was StoppedA key ally is rising in the Democratic party and the industry just demonstrated

The North Carolina Senate saw the introduction of a bill that mandates the State Treasurer to allocate up to 10% of public funds to Bitcoin.