In a recent analysis, asset management firm CoinShares believes that under the Donald Trump administration, the environment for cryptocurrencies could become more positive, and one of the most anticipated advancements is the potential passage of the Bitcoin Act.
"This proposal would make Bit a strategic reserve asset, with the U.S. government potentially acquiring up to 5% of the total Bit supply," wrote James Butterfill, head of research at CoinShares.
This would give Bit a status similar to gold. Additionally, with its recognized role in the national reserve, the king of cryptocurrencies would also gain greater legitimacy.
U.S. Senator Cynthia Lummis (R-Wyo.) introduced a bill earlier this year calling for the establishment of a strategic Bit reserve fund to reduce the country's national debt by purchasing 1 million BTC over 5 years. The bill, called the Promoting Responsible, Innovative, and Transformative Exploration and Commercialization of Emerging Technologies (BITCOIN) Act, was introduced in the Senate in July.
Prior to the election, President-elect Trump had committed to establishing a Bit reserve fund, and Lummis reiterated this plan on X after his victory.
"If implemented, the Bit Act could drive significant interest from institutions and governments in BTC, potentially accelerating its growth and pushing its value to new heights," Butterfill wrote.
CoinShares noted that Trump had criticized the U.S. Securities and Exchange Commission (SEC) and Chairman Gary Gensler for their approach to cryptocurrencies. His administration is expected to appoint new SEC leaders, which could lead to a more crypto-friendly regulatory period.
Canaccord broker said "if the SEC changes its stance and applies a clearer regulatory framework for cryptocurrencies, the mainstream financial industry may more widely embrace digital assets."
The broker noted that while the President cannot dismiss an SEC commissioner, there could be a shakeup, and Hester Peirce is seen as a crypto-friendly alternative, according to a research report released on Wednesday.
Canaccord said if these changes occur at the SEC, it would benefit the entire industry, particularly Coinbase (COIN) and Galaxy Digital (GLXY).
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Minh Anh
According to Coindesk
