Original author: Alex Liu, Foresight News
In the early morning of November 22, when it was late at night in the Asian time zone, the US media broke a number of major news that were favorable to the crypto industry, pushing the already hot market to further strengthen - the price of SOL approached its historical high, and Bitcoin also began to hit the $100,000 mark.
What exactly is the good news? Is the impact sustainable? Please read on.
Trump-Initiated Crypto Advisory Committee Could Build Promised Bitcoin National Reserve
According to Reuters, Trump’s “Crypto Advisory Committee” is expected to set up a pledged 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 it may be a separate White House agency. Leaders of 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 'crypto czar', which could be the first dedicated role for cryptocurrencies in White House history.
The proposal to establish a national Bitcoin reserve commits to purchasing over a million Bitcoins over several years, and if the U.S. takes the lead, it will inevitably prompt other countries to follow suit. Therefore, if this can be implemented, Bitcoin's price is likely to see exponential growth.
Trump hints at supporting a cryptocurrency agenda as SEC Chairman Gary Gensler prepares to resign.
According to a statement from the U.S. Securities and Exchange Commission (SEC), its chairman Gary Gensler plans to resign on January 20, 2025. Gensler stated that working with his SEC colleagues has been 'the honor of a lifetime'.
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 resignation came after President-elect Donald Trump promised to fire him if elected. President Trump's term will begin on January 20.
Currently, all potential candidates for SEC chairman are supportive of cryptocurrencies, indicating that the regulatory environment for the industry will significantly improve thereafter.
Fox: Former CFTC Chairman Chris Giancarlo is the top contender for the White House 'crypto czar'.
According to Fox Business, Chris Giancarlo, often referred to as the 'father of cryptocurrency' for his openness to the industry, is a leading candidate for a White House position dedicated to cryptocurrency policy.
If Giancarlo secures this position, he would become the first 'crypto czar'. The term 'czar' is a political term used to describe a senior official overseeing specific policy initiatives. Bloomberg reported on Wednesday that President-elect Donald Trump's team is considering establishing this position, marking the first time such a role would be created in the White House.
From March 2017 to April 2019, Giancarlo led the U.S. Commodity Futures Trading Commission (CFTC), overseeing the launch of the first Bitcoin futures products. He later published a book on Bitcoin derivatives, 'CryptoDad: Fighting for the Future of Money'. This 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 can we deny that the industry will usher in the most policy-friendly four years when a crypto-friendly official who helped launch Bitcoin futures products and is now on the board of a well-known stablecoin company is set to lead the White House crypto efforts?
Trump's media company has submitted a trademark application for the crypto payment service 'TruthFi'.
According to the New York Times, President-elect Trump, who owns 53% of Trump Media Technology Group, has filed a trademark application for 'Truthfi', a platform that will be used for trading digital assets and other payment processing services. The document also mentions services for 'downloadable computer software for use as a digital wallet'.
On the same day the application was submitted, reports emerged that Trump Media Technology Group is in 'advanced negotiations' to acquire Bakkt, a cryptocurrency platform that provides licensed and regulated digital asset custody and trading.
This year, Trump has positioned himself as a candidate supportive of cryptocurrencies, and shares of Trump Media Technology Group (ticker DJT) rose 4% due to Thursday's news. So far this year, the company's stock has risen 78%, with a market cap approaching $7 billion.
Will the U.S. President personally engage in launching cryptocurrency exchanges and crypto payment services? If realized, the industry will further 'enter the mainstream' and flourish.
The SEC is 'negotiating' with Solana ETF applicants.
Fox News reporter Eleanor Terrett cited two insiders saying that the SOL ETF is making progress, with the SEC 'engaged' in the S-1 application. A source from one ETF issuer confirmed to the media that the SEC has begun discussions with them regarding this matter.
The SEC's proactive gestures undoubtedly validate the view of a 'fundamental policy' shift mentioned above.
Terrett stated that these issuers recently expressed optimism about the possibility of a Solana ETF being approved by 2025, fueled by 'staff engagement and the forthcoming pro-crypto White House administration'. Will we also see Dogecoin ETF, SUI ETF, etc., in 2025 after Trump's inauguration?
