as a delay in adopting a major government measure regarding tokenized securities largely offset optimism stemming from the absence of imminent interest rate hikes following moderate U.S. inflation data.

The world's largest cryptocurrency dropped 1.9% to $62,701.4 by 5:05 p.m. and was also down more than 3% for the week.

The broader cryptocurrency market largely lagged behind the rebound seen in risk assets this week—particularly equities—as easing rate-hike expectations and positive tech earnings boosted AI-sector stocks.

SEC to delay key tokenization exemption — CoinDesk

The U.S. Securities and Exchange Commission (SEC) will once again delay a planned "innovation exemption" for tokenized securities after the White House and Wall Street raised concerns regarding the proposal's legal basis and market impact, CoinDesk reported on Thursday.

The exemption was expected to be partially unveiled on Friday, but the SEC canceled the meeting late Thursday, according to CoinDesk.

A source told CoinDesk that the White House fears the move could complicate ongoing congressional negotiations on the Digital Asset Market Clarity Act. Industry insiders indicated that these efforts might need to be postponed until the legislation is passed, the source said.