Trump's "team" pushing for BTC strategic reserve is within reach?

Source: Blockchain Bilingual

Since Trump's victory in the presidential election on November 5, 2024, the price of Bitcoin has been soaring. Just one month later, Bitcoin broke through the $100,000 mark, setting off a new round of market frenzy.

Behind the carnival, there is a series of crypto-friendly statements made by Trump during his election campaign. He explicitly promised to vigorously support the development of the crypto industry if elected, aiming to make the United States the "global capital of cryptocurrency," and declared his intention to establish a "Bitcoin strategic reserve." In addition, Trump also announced his family's support for the crypto platform - World Liberty Financial (WLFI).

Just a few days before Trump took office, a Memecoin named 'Trump' emerged, quickly attracting market frenzy with the title of US President, and also attracting a large number of new investors with the 'breaking the circle' effect, pushing the cryptocurrency industry to new heights.

On January 20th, Trump was officially inaugurated. At the same time, a group of crypto-friendly officials he nominated also took their positions. Among them, on January 23rd, Republican Senator Cynthia Lummis, who proposed the Bitcoin bill, was appointed chair of the Senate Banking Committee's digital assets subcommittee. CZ commented, 'Bitcoin reserves are basically confirmed.'

Apart from Rumis, who are the other heavyweight figures in this lineup, known as the 'Dream Team of Cryptography'? How will they influence the future of the cryptocurrency industry? Let's find out.

01 Cryptocurrency-friendly SEC Chairman

As we all know, the SEC has a long-standing relationship with encryption. As a regulatory agency under the US government, it aims to maintain the transparency of trading, combat fraudulent schemes, and protect investors' confidence in the stock market. The SEC has established securities registration rules and supervises their implementation.

SEC's regulation of the cryptocurrency industry can be traced back to 2013. However, as the industry has grown, the regulatory efforts have also increased. In recent years, all major regulatory projects in the industry have been related to the SEC, including the Ripple lawsuit, the FTX collapse incident, and the BN fine incident.

On the second day of his inauguration, the day after former SEC chairman Gary Gensler resigned, Trump announced that Mark T. Uyeda, a Republican commissioner of the SEC, would serve as acting chairman until Paul Atkins (Trump's formal nominee to succeed Gensler) completes the Senate confirmation process. On the same day, Mark announced the establishment of a cryptocurrency working group to develop a clear and coherent regulatory framework for US crypto assets.

Mark Uyeda (left) took the oath of office and became the Acting Chairman of the SEC, source: YouTube

From the SEC's official statement, it can be seen that Mark has a rich educational background and professional experience. He has worked as a lawyer in Washington and Los Angeles, and later joined the California securities regulatory agency, serving in multiple senior positions in the Trump administration. At the SEC, he has held several important positions and ultimately became an SEC commissioner in June 2022.

Although he is relatively low-key in the public eye, according to reports, he is supportive of the development of the cryptocurrency industry. In his past work, he has voted in favor of cryptocurrency-related ETF reviews and shares a similar stance with another commissioner, Peirce, on some decisions, advocating that the SEC should respond positively to the needs of the cryptocurrency industry and promote the formulation of clearer regulatory rules.

Previously, on December 4, 2024, Trump nominated Paul Atkins, who served as an SEC commissioner during the Bush administration (2002-2008), as the next SEC chairman.

Atkins previously worked in securities issuance and mergers and acquisitions at a New York law firm. In 1990, he joined the U.S. Securities and Exchange Commission (SEC) and assisted multiple chairmen in formulating important regulations in the areas of corporate governance, shareholder rights, and market access, among others. He has extensive legal and regulatory experience.

In recent years, Atkins has been supporting various developments in the cryptocurrency industry. He has served as co-chair of the Token Alliance, promoting best practices for the issuance and trading of digital assets; and also as an advisor to the DeFi platform Reserve Rights Foundation. In 2022, he proposed allowing 401(k) retirement funds to invest in Bitcoin, believing that the potential of this asset class is worthy of more Americans' acceptance.

In a podcast in early 2024, Atkins clearly expressed his view: "We are moving towards the era of cryptocurrency transformation. As long as the government and the SEC are more inclusive and have direct dialogue with the industry, the future of the US market will be brighter." He emphasized that the SEC should support market innovation, reduce investor costs, and return to its core mission.

In addition to supporting cryptocurrencies, Atkins has also criticized the Dodd-Frank Act for imposing unreasonable burdens on the banking industry and advocated reducing government intervention in the market.

Ripple CEO Brad Garlinghouse expressed his approval of Atkins' nomination, calling it 'an excellent choice' and believing that he will bring a new atmosphere to the SEC. Although Atkins' personal holdings of cryptocurrency have not been disclosed, it is widely speculated in the market that he may hold Bitcoin or other mainstream cryptocurrencies.

Currently, the appointment of Atkins needs to wait for the Senate's vote, which may take several months. In the meantime, Mark will act as the chairman. Overall, Mark Uyeda's acting chairmanship and Paul Atkins' formal nomination signify that the SEC may adopt a more inclusive and proactive regulatory stance. Whether this change can promote a balance between industry and policy will be closely watched.

02 Finance Minister Supporting Encryption

The U.S. Department of the Treasury, as the core department of the federal government, is responsible for fiscal policy, currency issuance, tax administration, financial market stability, and anti-money laundering, as well as regulating anti-money laundering and terrorist financing, promoting digital dollar research, and influencing the development and legalization of the crypto industry. **In the United States, the Secretary of the Treasury is considered one of the "four most important positions in the U.S. Cabinet" after the vice president. **

On November 22, 2024, Trump nominated billionaire Scott Bessent as Secretary of the Treasury.

Benson, 63, graduated from Yale University with a major in political science. During college, he delved into macroeconomics and financial instruments, and quickly rose to prominence after graduation. He once served as the Chief Investment Officer of Soros Fund Management, with extensive experience in market trading and economic policy consulting. As a financial expert openly supporting cryptocurrencies, Benson has repeatedly referred to cryptocurrencies as an 'indispensable part of the financial future.' In an interview with Fox Business Channel in early 2024, he stated, 'Cryptocurrencies represent freedom, and the encrypted economy will continue to exist.' He particularly emphasized that the most attractive aspect of Bitcoin is its appeal to young people and those who have not previously participated in the market. He believes that nurturing market culture and establishing a system more suitable for the public are the core of capitalist development.

Trump once praised Besant on the Truth Social platform, calling him "one of the most outstanding international investors and strategists in the world," and said that Besant's successful experience perfectly interprets the "American Dream." Trump also mentioned that on the occasion of the 250th anniversary of the founding of the United States, he will work with Besant to consolidate America's position as a global economic, innovation, and capital center, while ensuring that the dollar continues to serve as the global reserve currency.

As a key ally of Trump on Wall Street, Bezent not only provided economic support for his campaign, but also provided crucial advice for his policy making. However, Bezent's nomination has sparked different reactions in the industry. Ripple CEO Brad Garlinghouse called it a "victory for innovation" and believed that Bezent's joining will push for crypto-friendly policies. In contrast, Elon Musk expressed disappointment with the nomination, criticizing Bezent as a "business as usual" choice and warning that this mindset is leading the US towards bankruptcy.

According to news on January 22nd, Mike Crapo, the chairman of the Senate Finance Committee, expressed his hope that the Senate could hold a full confirmation vote on Scott Benson, the nominee for the U.S. Treasury Secretary by President Donald Trump, next week.

03 Secretary of BTC Max's Ministry of Commerce

The US Department of Commerce is primarily responsible for promoting economic growth, increasing employment, promoting international trade and technological innovation, and playing a key role in strengthening the US semiconductor industry and reducing dependence on Asia. Although the Department of Commerce does not directly regulate the cryptocurrency market, it can still have indirect effects on the security, technological research and development, international trade, and intellectual property protection of the cryptocurrency market through its relevant functions and policy measures.

On November 19, 2024, Donald Trump nominated Howard Lutnick, CEO of Cantor Fitzgerald, as the new Secretary of Commerce.

Without a doubt, Lutnick is a staunch supporter of Bitcoin. He explicitly stated in an interview with CNBC's podcast, 'I support cryptocurrency, but only Bitcoin. Other tokens are not worth mentioning.' He also specifically mentioned his support for the stablecoin Tether, stating, 'Bitcoin should trade freely like gold, and we will do our best to promote this goal.' His speech at the Bitcoin conference in 2024 further solidified his distinct position in the cryptocurrency industry. In addition, he revealed that he personally holds a large amount of Bitcoin. ( ![])https://img.gateio.im/social/moments-e204cda7b29d8a305f536db13d825088(

According to Coindesk, JianDa Company not only manages Tether reserves, but also participates in US Treasury bond trading. It has announced a Bitcoin financing business of up to $2 billion to provide leverage for Bitcoin investors.

Lutnick is also a close ally of Trump and a staunch supporter of the MAGA movement. He actively fundraised for Trump's presidential campaigns in 2020 and 2024.

Previously considered a top candidate for Treasury Secretary, Lutnick was ultimately appointed to lead the smaller Commerce Department by Trump.

After the nomination, Lutenik expressed gratitude on social media X, stating that he would be committed to achieving the goal of 'Making America Great Again'.

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Lutenick's nomination has received support from multiple parties. The nominee, Robert F. Kennedy Jr., was praised by the Minister of Health as the "most powerful advocate for Bitcoin" on social media, and Musk also publicly supports Lutenick's appointment as Secretary of the Treasury.

However, if Lutnick takes office, he may adopt a tougher attitude towards China's trade policy. During the US election, he publicly supported a 60% tariff on Chinese goods, which could become a key issue in future Sino-US trade relations.

Currently, there is news that has been announced for appointment.

04 The "Government Efficiency Department" led by Musk

On the day of Trump's inauguration, one of the executive orders he signed announced the formal establishment of the "Department of Government Efficiency," a cost reduction plan jointly led by Elon Musk and Vivek Ramaswamy. The full name of the Department of Government Efficiency is Department of Government Efficiency, abbreviated as DOGE. Due to the association of the abbreviation DOGE with Dogecoin, a cryptocurrency long promoted by Musk, the related news has also become a benchmark for the development of Dogecoin.

The executive order outlines the department's goals and framework, including specific measures such as upgrading government IT systems and promoting the application of DOGE (Dogecoin) in government payments and technological integration.

And Ramaswamy, the founder of Strive Asset Management, has significant layouts in asset management and Bitcoin investment. According to a financial disclosure document in June 2023, Ramaswamy holds Bitcoin worth $100,000 to $250,000 and Ethereum worth $150,000 to $50,000. His personal investments reflect his high level of trust in crypto assets.

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According to the previous plan, this department is not a traditional federal government formal institution, but operates as an independent organization, providing policy advice to the White House and overseeing reform measures. The 'Government Efficiency Department' will focus on large-scale government spending cuts, streamlining the bureaucratic system of the US government, and attempting to streamline government bureaucracies by stripping redundant departments and processes to save costs. As a tech giant, Musk will assist in driving the department's strategy and technological innovation, while Ramaswamy will take on a key leadership role.

However, according to Monday's executive order, DOGE will be located within the executive department rather than operating as an external advisory commission. The executive order also announces that the White House's existing 'United States Digital Service' (focused on improving government websites and technology) will be renamed the 'United States DOGE Service.' The core mission of DOGE is to 'implement the President's DOGE agenda, maximize government efficiency and productivity through modernized federal technology and software.'

Although the executive order did not specify the details of spending cuts and restructuring of institutions, DOGE was given the important responsibility of upgrading the federal IT system.

And according to relevant information, the cooperation between Musk and Trump started very early. During the 2024 election period, Musk invested over $130 million to support Trump's campaign.

Overall, the 'Government Efficiency Department' is an innovative policy project launched by a coalition including Trump and Musk, which is controversial but also receives a lot of attention. The operation mode, specific goals, and challenges faced by this institution are worthy of continuous attention.

05 White House AI and Cryptocurrency Affairs Officer

At the end of 2024, Trump also made a series of nominations for his Office of Science and Technology Policy (OSTP) as part of his science and technology policy.

1)Professor of the AI Department at Stanford University

Michael Kratsios has been appointed as the Director of the White House Office of Science and Technology Policy. He has also been appointed as the Chief Technology Officer of the incoming Trump Administration, advising the “AI and cryptocurrency czar” David Sacks.

Kratz is a researcher at the Stanford Institute for Human-Centered Artificial Intelligence (Stanford HAI). Prior to serving as the director of the White House Office of Science and Technology Policy, he was a technology official in the first Trump administration and served in the Department of Defense and the Department of Engineering. He had significant influence on various research and development budgets and projects in Ensuring Department of Defense, doubling federal funding for AI and quantum research, and received the Department of Defense Civilian Distinguished Service Award and the honor of being one of Fortune's 40 Under 40.

In addition, Kratz has also led the development of the United States' first artificial intelligence strategy and the formulation of the world's first AI development regulatory principles, which have set a new benchmark for the United States in technological innovation.

2) Encrypted Tsar

In early December 2024, David Sacks was nominated to serve as the President's AI and cryptocurrency advisor, and to chair the PCAST (Presidential Council of Advisors on Science and Technology).

This is a new position focused on crypto policy, the first of its kind in the White House. The establishment of this new position also highlights Trump's intention to promote rapid development in these two industries. Trump posted on his social media site, Truth Social, saying, "In this important role, Sax will guide the government's policies in artificial intelligence and cryptocurrency, both of which are crucial to America's future competitiveness. Sax will strive to make the United States a global leader in these two fields."

It is worth mentioning that Sachs is Musk's close friend, who once served as an executive with Musk in the early days of PayPal's founding and is one of the investors who invested 44 billion dollars in the acquisition of Twitter by Musk. According to media reports, in April 2024, Musk and Sachs jointly held a billionaire banquet with the theme of "opposing Biden". ![])https://img.gateio.im/social/moments-07faef7de439fa499f53917774ad4300(

As a senior technology entrepreneur, Sachs rose to fame in the early years for his involvement in the development of PayPal, and is also an early Silicon Valley entrepreneur. He also founded his own venture capital company, Craft Ventures, investing in well-known companies such as Airbnb, Palantir, and Slack, and also ventured into the crypto field, investing in crypto companies such as BitGo and Bitwise.

In addition, Sachs is the co-host of the famous podcast 'All In', and in recent years has expressed support for Trump's position through the platform, actively participating in economic policy discussions related to technology. According to media reports, Sachs has played a key role in helping Trump raise funds from donors in the technology industry, raising about $12 million for Trump's campaign team, demonstrating his significant influence in the crypto and tech community.

However, the specific responsibilities have not yet been disclosed.

3) A16z's Corner

On December 22, 2024, U.S. President Donald Trump announced on the social media platform Truth Social that Scott Kupor, the first employee and managing partner of a16z, has been appointed as the director of the Office of Personnel Management (OPM), stating that he will 'bring much-needed reform to our federal workforce'.

Kupol will take full control of OPM, responsible for recruitment coordination and resource support, and work closely with the Department of Government Efficiency (DOGE). He stated on social media X that he will make "efficiency" the core principle of the federal government and promote the modernization of government agencies.

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According to Trump, Cupur is one of the founding team members of a16z, who previously served as the chairman of the National Venture Capital Association (NVCA) and played a significant role in the development of a16z. According to the official website of a16z, Cupur helped the company grow from managing $3 billion in assets to over $400 billion. He is also the author of the best-selling book "Secrets of Sand Hill Road: Venture Capital and How to Get It." Sand Hill Road is located in Menlo Park, California, famous for gathering venture capital firms in Silicon Valley, where tech giants such as Apple, Microsoft, and Amazon have received initial funding.

On December 23, 2024, Trump announced again that Sriram Krishnan, another partner of a16z, was nominated as the Senior Policy Advisor for Artificial Intelligence at the White House Office of Science and Technology Policy (OSTP).

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Kris Hsu is a veteran technology industry leader. Prior to joining a16z, he served as head of product and engineering teams at companies such as X (formerly Twitter), Meta, and Snap, and gained rich experience at companies like Microsoft, Yahoo, and Facebook.

Trump said Krishnan will work closely with President's AI and cryptocurrency adviser David Sacks to ensure U.S. global leadership in AI.

Overall, these appointments indicate that the current Trump administration places far more emphasis on technology policy than his previous term. In his previous term, the confirmation of the OSTP director was delayed for more than two years, while the speed of the team's arrival this time has clearly accelerated.

Among these positions, except for the nomination of Alejandro Mayorkas, which requires Senate approval before he can take office full-time, other senior positions can begin work immediately after the new government is sworn in on January 20th.

06 Firmly Holding Bitcoin Tax Director

The Internal Revenue Service (IRS) is responsible for collecting and managing federal taxes, ensuring that tax laws are enforced. Regarding cryptocurrencies, it may regulate the tax reporting of cryptocurrencies, requiring the reporting and taxation of transactions, income, investment returns, etc., involving cryptocurrency assets to ensure tax compliance.

On November 12, 2024, Trump announced the nomination of Fox News host and former combatant Pete Hegseth to serve as the Secretary of Defense for the United States. According to related reports, Hegseth is committed to the decentralized value of Bitcoin and has pledged not to sell Bitcoin.

In December 2024, there were reports that the newly elected President Trump hoped to abolish capital gains tax on cryptocurrencies issued by American companies. Upon hearing this news, the prices of cryptocurrencies such as ADA, ALGO, XRP, and HBAR created by these companies surged. However, it remains to be seen when Hageses will officially take office and whether all profits obtained by these companies will be completely tax-free.

07 Crypto-friendly Speaker of the House

On November 4, 2024, news came that Mike Johnson, a Republican congressman supported by Trump, successfully re-elected as Speaker of the House. Johnson is a crypto-friendly figure. He previously voted in favor of the '21st Century Financial Innovation and Technology Act' (FIT21) and the Anti-Central Bank Digital Currency (CBDC) Act, the former aiming to provide a regulatory framework for digital assets and related technologies, and the latter mainly to support decentralized financial innovation.

The industry media is reporting that Johnson's re-election may encourage crypto-friendly members of parliament to push for cryptocurrency legislation in 2025. However, according to foreign media, Johnson's stance on cryptocurrency is not entirely clear. Some media reports suggest that he may not prioritize cryptocurrency regulation.

Overall, Johnson's re-election may provide new impetus for cryptocurrency legislation, but its specific impact will depend on his and other members of Congress' actions in future policy-making processes.

08 Chairman of the Digital Assets Group that Proposed the "Bitcoin Bill"

On January 23, Senator Cynthia Lummis)Cynthia Lummis( was appointed as the Chairwoman of the Senate Banking Committee's Digital Assets Subcommittee. ![])https://img.gateio.im/social/moments-7f49b82d355242dfdfe79cff1b3314a8(

Rumis, a Republican senator, has attracted attention in the US political arena for her strong support for cryptocurrency and bold proposals. She is not only the first senator in the Senate to publicly admit to owning Bitcoin, but also known as the "Crypto Queen" and "Bitcoin Senator" for proposing the "National Optimization of Investment to Promote Innovation, Technology, and Competitiveness Act" (also known as the "Bitcoin Act"). Under her leadership, Bitcoin, a disruptive technology, is moving from a private investment tool to a national strategic reserve.

As the first member of the Senate to publicly hold Bitcoin, Lummis' support for Bitcoin began with personal investments and gradually extended into policy proposals. She believes that Bitcoin is an effective tool to combat inflation and protect personal financial freedom, and has even publicly called for the "urgent passage" of legislation on Bitcoin's strategic reserves.

In July 2024, Lummis proposed the "Bitcoin Act," advocating the establishment of a strategic Bitcoin reserve in the United States to enhance the strength of the US dollar and address inflation. The proposal aims to provide innovative solutions to the US fiscal system through the purchase and reserve of Bitcoin, mainly including the following key measures:

1)Establish a secure Bitcoin reserve network

Operated by the U.S. Department of the Treasury, a decentralized Bitcoin insurance warehouse network ensures the highest level of physical and network security for the national Bitcoin holdings.

2) Large-scale purchase of Bitcoin

Plan to purchase 1 million bitcoins within five years, accounting for 5% of the total bitcoin supply, equivalent to the size of the US gold reserves, and set a minimum holding period of 20 years.

3) Transparent Source of Funds

The procurement of Bitcoin will be achieved through the existing funds within the decentralized Federal Reserve System and the Treasury Department, rather than through additional fiscal burden.

4)Respect individual financial freedom

Ensure the self-custody rights of private Bitcoin holders, and ensure that national strategic reserves do not infringe upon individual property rights.

Previously, Lummis' proposal sparked widespread discussion in Congress due to its forward-looking and controversial nature. Supporters believe that Bitcoin, as a store of value, can enhance America's balance sheet and provide innovative solutions to the national debt problem. However, opponents question the volatility of Bitcoin and its potential risks to national security.

However, Lummis did not back down. She has now been successfully elected today and is expected to push the bill again. If this proposal can be advanced, it may provide support for the future development of the cryptocurrency industry, while having a profound impact on Bitcoin's market position.

09 Summary

It can be seen that after the general election, Trump is actively nominating executives friendly to cryptocurrencies for key positions. At present, Trump 2.0 is making efforts to fulfill the pledge of becoming the "capital of cryptocurrencies" and the "superpower of Bitcoin."

However, Trump's extensive layout in the crypto field has also raised external doubts about the use of power for personal gain. According to market news, Trump's launch of personal Memecoin as a presidential candidate and support for the crypto platform (World Liberty Financial) have raised concerns about conflicts with his political responsibilities.

Experts also remind investors to remain vigilant, 'Although Trump's support may bring short-term benefits, it remains to be seen whether it is conducive to the long-term development of the cryptocurrency industry, and the specific implementation of policies needs to be observed.'

Can the "golden age" of cryptocurrency come as scheduled? We wait and see.

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