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CoinShares: Trump Biggest Boon for Cryptocurrencies Will Be Passing the Bitcoin Bill

CoinShares: Trump Biggest Boon for Cryptocurrencies Will Be Passing the Bitcoin Bill

Bitget2024/11/07 10:30

The Donald Trump administration could provide a more positive environment for cryptocurrencies, with one of the most anticipated developments being the possible passage of the Bitcoin Act, asset management firm CoinShares said in a research blog post on Wednesday, according to CoinDesk.James Butterfill, head of research at CoinShares, wrote: “The proposal would establish bitcoin as a strategic reserve asset, with the U.S. government acquiring 5% of the total supply of bitcoin. This would give bitcoin a similar status to gold.” Bitcoin would also gain greater legitimacy with a recognized status in the national reserve, according to the report. CoinShares noted that Trump has been critical of the U.S. Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, especially the agency's approach to cryptocurrencies. His administration is expected to appoint a new SEC leader, which could lead to a period of more cryptocurrency-friendly regulation.

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