PANews reported on November 7 that according to CoinDesk, asset management company CoinShares said in a research blog on Wednesday that Donald Trump's administration may provide a more positive environment for cryptocurrencies, and one of the most anticipated developments is the possible passage of the Bitcoin Act. James Butterfill, director of research at CoinShares, wrote: "The proposal will establish Bitcoin as a strategic reserve asset, and the US government will acquire 5% of the total supply of Bitcoin. This will give Bitcoin a status similar to that of gold." The report said that after having a recognized status in national reserves, Bitcoin will also gain greater legitimacy.

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.