Bitcoin national reserves may be established, SEC chair to resign, SOL ETF progress, Trump Media Group entering cryptocurrency payments... Overnight, favorable policies have lifted the cryptocurrency fundamentals to new highs!
Written by: Alex Liu, Foresight News
In the early hours of November 22, amidst the quiet of the Asian time zone, U.S. media reported multiple favorable news for the cryptocurrency industry, further strengthening an already hot market—SOL nearly hit new highs, and Bitcoin approached the important psychological threshold of $100,000.
What are the specific favorable news? Is the impact sustainable? Please read on.
The cryptocurrency advisory committee initiated by Trump may establish a committed Bitcoin national reserve.
According to Reuters, Trump's "cryptocurrency advisory committee" is expected to establish a committed Bitcoin reserve.
Two insiders stated that the cryptocurrency committee may fall under the White House National Economic Council, which is responsible for coordinating and implementing presidential economic policies, or be a separate White House entity. Leaders from Ripple, Kraken, a16z, Paradigm, and other cryptocurrency companies are vying for council seats.
In addition to the cryptocurrency advisory committee, Trump's transition team has proposed a new White House role called the "Cryptocurrency Tsar," which could be the first role in the White House specifically focused on cryptocurrency.
The proposal to establish a Bitcoin national reserve commits to purchasing over a million Bitcoins within a few years, and if the U.S. takes the lead, it will inevitably prompt other countries to follow suit. Therefore, if this can be realized, Bitcoin's price is likely to experience exponential growth.
Trump hints at supporting cryptocurrency agenda, U.S. SEC chairman Gary Gensler will resign.
According to a statement released by the U.S. Securities and Exchange Commission (SEC), its chairman Gary Gensler plans to resign on January 20, 2025. Gensler stated that working with SEC colleagues has been "a lifetime honor."
After enforcement actions against major industry participants such as Coinbase, Binance, and Kraken, Gensler has become the "public enemy" in the cryptocurrency 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.
Currently, potential candidates for SEC chairman are all supportive of cryptocurrency, indicating that the regulatory environment for the industry will significantly improve afterward.
Fox: Former CFTC chairman Chris Giancarlo is the top contender for the White House "Cryptocurrency Tsar."
According to Fox Business, Chris Giancarlo, often referred to as the "father of cryptocurrency" for his open attitude towards the industry, is the frontrunner for a position in the White House dedicated to cryptocurrency policy.
If Giancarlo secures this position, he will become the first "Cryptocurrency Tsar." The term "Tsar" is a political term used to describe a senior official overseeing specific policy initiatives. Bloomberg reported on Wednesday that the team of President-elect Donald Trump is considering establishing this position, which would also mark the first time the White House has created such a role.
From March 2017 to April 2019, Giancarlo led the U.S. Commodity Futures Trading Commission (CFTC), overseeing the launch of the first Bitcoin futures product. He later published a book on Bitcoin derivatives (CryptoDad: Fighting for the Future of Money). The former CFTC chairman also co-founded the Digital Dollar Project, a forum exploring digital innovations including U.S. central bank digital currency, and in May, he joined the board of Paxos (a stablecoin company).
How could there be any reason to deny that the industry will welcome the friendliest regulatory environment in four years, with an official who helped launch Bitcoin futures products and is now serving on the board of a well-known stablecoin company?
Trump's media company has submitted a trademark application for the cryptocurrency payment service "TruthFi."
According to the New York Times, President-elect Trump, who holds a 53% stake in Trump Media Technology Group, has submitted a trademark application for "Truthfi," which will be used for trading digital assets and other payment processing services. The document also mentioned services for "downloadable computer software for use as a digital wallet."
On the same day the application was submitted, reports indicated that Trump Media Technology Group was in "high-level negotiations" to acquire Bakkt, a cryptocurrency platform providing licensed and regulated digital asset custody and trading.
This year, Trump has positioned himself as a candidate supporting cryptocurrency, with shares of Trump Media Technology Group (stock code DJT) rising 4% due to Thursday's news. So far this year, the company's stock price has increased by 78%, with a market value approaching $7 billion.
Will the U.S. president personally launch a cryptocurrency exchange and introduce cryptocurrency payment services? If realized, the industry will further "enter the mainstream" and flourish everywhere.
The SEC is in "negotiations" with the Solana ETF applicants.
Fox News reporter Eleanor Terrett cited two insiders saying that the SOL ETF is making progress, and the Securities and Exchange Commission is "involved" with the S-1 application. A source from one ETF issuer confirmed to the media that the SEC has begun contacting them regarding this matter.
The SEC's proactive gestures undoubtedly validate the view of the aforementioned "policy fundamentals" change.
Terrett stated that these issuers recently expressed that "the engagement of staff and the incoming pro-cryptocurrency White House government have rekindled optimism about the potential approval of the Solana ETF in 2025." Will we also see Dogecoin ETF, SUI ETF, etc. in 2025 after Trump takes office?
