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 further to strengthen - the SOL price 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.
The cryptocurrency council could sit within the White House’s National Economic Council, which coordinates and implements the president’s economic policies, or be a separate White House agency, two people familiar with the matter said. Leaders of Ripple, Kraken, a16z, Paradigm and other cryptocurrency companies are vying for seats on the council.
In addition to the cryptocurrency advisory committee, Trump’s transition team has proposed a new White House role called “ cryptocurrency czar ,” which could be the first-ever White House role dedicated to cryptocurrency.
The proposal to establish a national reserve of Bitcoin promises to purchase a total of more than one million Bitcoins within a few years, and if the United States takes the lead, it will inevitably cause other countries to follow suit. Therefore, if it can really be implemented, the price of Bitcoin may usher in an exponential increase.
Trump hints at support for cryptocurrency agenda, SEC Chairman Gary Gensler to resign
According to a statement released by the U.S. Securities and Exchange Commission (SEC), the agencys chairman Gary Gensler plans to leave on January 20, 2025. Gensler said it was the honor of a lifetime to work with his SEC colleagues.
Gensler has become public enemy in the crypto industry after taking enforcement actions against large industry players such as Coinbase, Binance, and Kraken.
Genslers departure comes after President-elect Donald Trump pledged to fire him if elected. Trumps presidency begins on January 20.
Currently, potential candidates for SEC chairman are all supportive of cryptocurrencies, which means that the industrys regulatory environment will be greatly improved in the future.
Fox: Former CFTC Chairman Chris Giancarlo is a top contender for the White House Crypto Czar
Chris Giancarlo, often called the Father of Cryptocurrency for his open attitude toward the industry, is the frontrunner for a position dedicated to cryptocurrency policy in the White House, Fox Business reported .
If Giancarlo gets the job, he would become the first crypto czar, a political term used to describe a senior official who oversees a specific policy initiative. Bloomberg reported on Wednesday that President-elect Donald Trumps team is considering creating the position, which would be the first time such a position has been created in the White House.
From March 2017 to April 2019, Giancarlo led the U.S. Commodity Futures and Trading Commission (CFTC), overseeing the launch of the first Bitcoin futures product. He later published a book about Bitcoin derivatives, CryptoDad: The Fight for the Future of Money. The former CFTC chairman also co-founded the Digital Dollar Project, a forum to explore digital innovations including the U.S. central bank digital currency, and in May, he joined the board of directors of Paxos (a stablecoin company).
Let a crypto-friendly official who helped launch Bitcoin futures products and is now serving on the board of directors of a well-known stablecoin company in the industry be in charge of the White House crypto? What other reasons can deny that the industry will usher in the most policy-friendly four years?
Trumps media company files trademark application for crypto payment service TruthFi
According to the New York Times, Trump Media Technology, a 53%-owned company of President-elect Trump, has filed a trademark application for the name “Truthfi,” a platform that will be used to trade digital assets and other payment processing services. The filing also mentions a service that “downloads computer software for use as a digital wallet.”
The filing came the same day as reports emerged that Trump Media Technology Group was in “advanced talks” to acquire Bakkt , a cryptocurrency platform that provides licensed and regulated custody and trading of digital assets.
Trump has positioned himself as a pro-crypto candidate this year, and shares of Trump Media Technology Group (ticker symbol DJT) rose 4% on Thursday’s news. Year to date, the company’s shares are up 78%, giving it a market value of nearly $7 billion.
The President of the United States will personally open a cryptocurrency exchange and launch a crypto payment service? If this is realized, the industry will further enter the mainstream and flourish everywhere.
SEC is negotiating with Solana ETF applicants
Fox News reporter Eleanor Terrett cited two people familiar with the matter as saying that the SOL ETF is making progress and the SEC is engaged in the S-1 application. A source from an ETF issuer confirmed to the media that the SEC has begun contacting them about the matter.
The SECs proactive gesture of goodwill undoubtedly verifies the above-mentioned view that policy fundamentals have changed.
Terrett said that these issuers recently expressed that staff involvement and the incoming pro-cryptocurrency White House administration have rekindled optimism that the Solana ETF may be approved in 2025. In 2025, after Trump takes office, will there be Dogecoin ETF, SUI ETF... and so on?
