CoinShares: Trump's biggest positive for cryptocurrencies would be the passage of the Bitcoin bill

Odaily Odaily News CoinShares said in a research blog on Wednesday that Donald Trump's administration may provide a more positive environment for cryptocurrencies, and one of the most anticipated developments is the possible passage of the Bitcoin Act. "The proposal would establish Bitcoin as a strategic reserve asset, and the U.S. government would acquire 5% of the total supply of Bitcoin," wrote James Butterfill, director of research at CoinShares. "This would give Bitcoin a similar status to gold." The report said that with a recognized position in national reserves, Bitcoin would also gain greater legitimacy. CoinShares noted that Trump has been critical of the U.S. Securities and Exchange Commission (SEC) and its chairman Gary Gensler, especially the agency's attitude toward cryptocurrencies. His administration is expected to appoint a new SEC leader, which could lead to a period of more cryptocurrency-friendly regulation. (Coindesk)