Establishment of Bitcoin national reserves, SEC Chairman to resign, SOL ETF progress, Trump media group enters crypto payments... Overnight, policy tailwinds have boosted the crypto fundamentals to new highs!
Written by: Alex Liu, Foresight News
In the early hours of November 22nd, in the quiet of the Asian time zone, the US media broke several major positive news for the crypto industry, further strengthening the already hot market sentiment - SOL hit new highs, and Bitcoin is even approaching the important psychological barrier of $100,000.
What are the specific positive news? Will the impact be sustainable? Please read on.
The crypto advisory committee launched by Trump may establish a committed Bitcoin national reserve
According to Reuters, Trump's "Crypto Advisory Committee" is expected to establish a committed Bitcoin reserve.
Two people familiar with the matter said the crypto currency committee may be under the National Economic Council, which is responsible for coordinating and implementing the President's economic policies, or a separate White House entity. Leaders from Ripple, Kraken, a16z, Paradigm and other crypto companies are vying for seats on the board.
In addition to the crypto advisory committee, Trump's transition team has also proposed a new White House role called the "Crypto Czar", which could be the first White House position specifically focused on crypto currency.
The proposal to establish a Bitcoin national reserve promises to purchase a total of over 1 million Bitcoins within a few years, and if the US takes the lead, it will certainly prompt other countries to follow suit. So if it can be implemented, the price of Bitcoin is likely to see exponential growth.
Trump hints at supporting the crypto agenda, SEC Chairman Gary Gensler to resign
According to a statement issued by the US Securities and Exchange Commission (SEC), the agency's chairman, Gary Gensler, plans to step down on January 20, 2025. Gensler said it has been "a lifetime honor" to work with his SEC colleagues.
After taking enforcement actions against major industry players like Coinbase, Binance and Kraken, Gensler has become the "public enemy" in the crypto industry.
Gensler's announcement of his resignation came after President-elect Donald Trump promised to fire him if elected. Trump's presidential term will begin on January 20.
The potential candidates for the SEC chairmanship are all supportive of crypto currencies, which means that the regulatory environment for the industry will see a significant improvement afterwards.
Fox: Former CFTC Chairman Chris Giancarlo is the top contender for the White House "Crypto Czar"
According to a Fox Business report, Chris Giancarlo, who is often referred to as the "Godfather of Crypto" for his open attitude towards the industry, is the frontrunner for the position of the White House's dedicated crypto policy official.
If Giancarlo gets this position, he will become the first "Crypto Czar". "Czar" is a political term used to describe a senior official who oversees a specific policy initiative. Bloomberg reported on Wednesday that the team of President-elect Donald Trump is considering creating this position, which would also be the first time the White House has established such a role.
From March 2017 to April 2019, Giancarlo led the US Commodity Futures Trading Commission (CFTC), overseeing the launch of the first Bitcoin futures product. Later, he published a book on Bitcoin derivatives, "CryptoDad: The Fight for the Future of Money". The former CFTC chairman also co-founded the Digital Dollar Project, a forum exploring digital innovations including a US central bank digital currency, and joined the board of Paxos (a stablecoin company) in May.
Having a crypto-friendly official who helped launch Bitcoin futures products and is now on the board of a prominent stablecoin company oversee the White House's crypto policy? What other reason could there be to deny that the industry will see the most crypto-friendly four years?
Trump's media company files trademark for crypto payment service "TruthFi"
According to The New York Times, Trump Media & Technology Group, in which the former president holds a 53% stake, has filed a trademark application for "Truthfi", a platform that will be used for trading digital assets and other payment processing services. The filing also mentions services for "downloadable computer software for use as a digital wallet".
On the same day the application was filed, there were reports that Trump Media & Technology Group is in "advanced negotiations" to acquire Bakkt, a crypto platform that provides licensed and regulated digital asset custody and trading.
Trump positioned himself as a pro-crypto candidate this year, and Trump Media & Technology Group's stock (ticker DJT) rose 4% on Thursday's news. The company's stock price has risen 78% so far this year, with a market cap approaching $7 billion.
The US President himself getting involved in running a crypto exchange and launching a crypto payment service? If realized, the industry will further "enter the hall" and flourish.
SEC is "negotiating" with Solana ETF applicants
Fox News reporter Eleanor Terrett, citing two people familiar with the matter, said the SOL ETF is making progress, with the SEC "engaging" on the S-1 filing. A source from an ETF issuer confirmed to the media that the SEC has started contacting them about this matter.
The SEC's proactive overture undoubtedly validates the view of the improved "policy fundamentals" mentioned earlier.
Terrett said these issuers have recently expressed that "the staff engagement, as well as the incoming crypto-friendly White House administration, has reignited optimism that a Solana ETF could be approved in 2025." In 2025 after Trump takes office, will we also see the approval of Dogecoin ETF, Sui ETF... and so on?
