Policy updates or official statements from the CFTC

Trump Plans Strategic Bitcoin Reserve of 1 Million BTC Over Five Years, Buying 200,000 BTC Annually to Reduce Capital Gains Tax

Nov 27, 2024, 07:11 AM

Donald Trump is set to become the first pro-crypto President of the United States, with plans to establish a strategic national bitcoin reserve. Under proposed legislation, the U.S. Treasury and the Federal Reserve would acquire 200,000 bitcoins annually for five years, totaling one million bitcoins. This initiative aims to bolster the U.S. position in the digital economy and reduce capital gains taxes on cryptocurrencies. The announcement has prompted calls from UK officials for the British government to create its own bitcoin reserve to remain competitive in the evolving digital landscape. Industry leaders are advocating for the acquisition of significant bitcoin holdings, suggesting that this could help address national debt concerns. The U.S. Commodity Futures Trading Commission may also see a shift in its regulatory approach under Trump's administration, which could further influence the cryptocurrency market.