The market for BTC has recently continued to soar, with the latest data breaking $97,000, a 24-hour increase of 5.17%, attracting the attention of all cryptocurrency investors. Its price is only 3% away from the $100,000 milestone. Meanwhile, a series of actions by Trump seems to indicate that he is paving the way for establishing a strategic reserve of Bitcoin, with rumors suggesting plans to set up cryptocurrency-related positions in the White House and replace SEC leadership.
Special Position: "Cryptocurrency Czar"?
Yesterday (November 21), it was reported that Trump's team is considering establishing a position in the White House specifically responsible for cryptocurrency affairs. According to U.S. political circles, the person in this position would be referred to as the "Cryptocurrency Czar," overseeing federal government policies and industry regulation. This news has generated significant interest in the potential cryptocurrency policies of the Trump administration.
Rumors suggest that Trump's team is evaluating several candidates, including Teresa Goody Guillén, a partner at BakerHostetler with extensive experience in blockchain law. This move is seen as a positive signal from the Trump administration towards the cryptocurrency sector, potentially laying the groundwork for establishing a strategic reserve of Bitcoin in the U.S. in the future.
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If implemented, this would be the first position in the White House specifically responsible for cryptocurrency. Insiders say it is still unclear whether a senior White House position or "overseer" will be established. Advocates in the cryptocurrency industry are pushing for such a position to establish direct communication with Trump.
SEC Changes
In addition to considering the establishment of a Cryptocurrency Czar, Trump's team's movements regarding the U.S. Securities and Exchange Commission (SEC) are also noteworthy. Due to Trump's critical stance on current Chairman Gary Gensler's tough position on cryptocurrencies, the market widely predicts that he will adjust the SEC leadership upon taking office.
Analysts point out that the Trump administration may replace the SEC leadership and implement more lenient cryptocurrency policies. This move could not only stimulate the development of the cryptocurrency market but also attract more institutional investors into the sector. Market analysts expect that this policy change will have a positive impact on the market for Bitcoin and other cryptocurrencies.
According to insiders, key figures such as former SEC Commissioner and Robinhood Chief Legal Officer Dan Gallagher, former SEC Commissioner Paul Atkins, and Wilkie Farr & Gallagher partner Robert Stebbins are all potential candidates for SEC Chairman. Daniel Gallagher currently works at fintech company Robinhood and has previously criticized the SEC's "scorched earth policy" in the cryptocurrency sector.
Peirce and Uyeda have criticized the policies and enforcement actions taken by their agency under President Joe Biden. Peirce is considered a potential candidate for interim SEC Chair after Trump takes office, with rumors suggesting she may lead a federal cryptocurrency policy task force.
Expanding the Cryptocurrency Landscape, Acquiring Bakkt
Trump's media technology group (Trump Media & Technology Group, TMTG) intends to acquire the cryptocurrency trading platform Bakkt, and negotiations are currently in advanced stages. The news quickly attracted widespread attention in the market and significantly boosted related stock prices.
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On the day the news broke (November 18), Bakkt's stock price soared over 162%, triggering a trading halt, while Trump Media Technology Group's stock also rose by more than 16%. This rapid increase in stock prices reflects the market's positive expectations for the acquisition and indicates strong investor confidence in Bakkt's future development potential.
Ledn co-founder Mauricio di Bartolomeo stated that after a strategic Bitcoin reserve bill was proposed in a U.S. state, the likelihood of Trump's team establishing a strategic Bitcoin reserve in the U.S. has increased.
Conclusion
The continuous rise in Bitcoin prices and the potential changes in cryptocurrency policy from Trump's team are paving the way for the future of the cryptocurrency sector. With Bitcoin only 3% away from the $100,000 mark, the market is filled with anticipation for its future performance, and the involvement of the Trump administration seems to suggest that Bitcoin will have greater development space under the policy support of Trump's team.
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