Bitcoin (BTC) mining stocks surged double-digits on Wednesday as U.S. presidential candidate Donald Trump pledged to bolster mining operations in the country.

Trump said he wants “all remaining Bitcoin to be made in the USA!!!,” adding that this would help the U.S. become “Energy Dominant” in a June 12 post that came shortly after he held a meeting with some industry executives.

Trump also reportedly told industry executives that he pledged to support the industry if he is elected president in November.

In recent literature exploring the differences between Layer 1 and Layer 2 scaling strategies, I have come to a core point after careful consideration: the fundamental difference between the two is not limited to the technical level, but more reflected in the organizational level (here, the word "organization" is given the deeper meaning of "industrial architecture"). The core issue is not what can be built technically, but deciding what to build, how to define the boundaries of different components of the ecosystem, and how these definitions affect people's motivation and ability to act. It is particularly noteworthy that the ecosystem centered on Layer 2 is more diverse in nature, which naturally promotes diverse approaches to scaling, virtual machine design, and other technical functions.

The move comes as exchanges scramble to respond to a seemingly dramatic U.S. Securities and Exchange Commission (SEC) shift in the direction of potentially approving a spot Ethereum ETF.
According to people familiar with the matter, the SEC's trading and market division contacted major exchanges on Monday to inform them that it would approve 19b-4 applications this week. At the same time, Barron's also cited internal sources as reporting that SEC staff told exchanges on Monday that they were inclined to approve the plans.
The shift is in stark contrast to the SEC’s attitude to issuers two weeks ago, when the agency seemed to have little interest in the documents. “This is unprecedented, and it suggests there may be political factors behind it,” said a person familiar with the matter.