Announcements by the Trump Administration in its first official week are creating new opportunities for the crypto industry.
Following acting Securities and Exchange Commission Chair Mark Uyeda’s launch of a crypto task force on Tuesday, President Donald Trump signed an executive order promoting the advancement of cryptocurrencies in the U.S. Now, industry experts are considering what it might mean for the future of a national crypto stockpile.
“We would expect some type of legislation to move forward with the strategic bitcoin reserve,” Calamos head of ETFs Matt Kaufman told CNBC’s “ETF Edge” this week.
The executive order signed by the president on Thursday called for the establishment of a working group on digital assets, whose tasks include proposing criteria for a crypto reserve.
The working group will also draft a new regulatory framework for the operation of crypto in the U.S., according to the order. Tidal Financial Group Chief Investment Officer Mike Venuto expects policy changes to ultimately be favorable for the industry.
“Regulation has been done through enforcement. That’s a mess,” Venuto said in the same interview. “We do need some sort of government-efficient group that can come in and regulate this and make it make sense.”
Bitcoin prices hit a new record on Monday amid the industry euphoria, crossing $109,350 for the first time. As of Friday afternoon, the token was trading around $105,000.