President-elect Donald Trump announced on Sunday that Stephen Miran, a former Treasury Department adviser during his first administration, will serve as the chair of his Council of Economic Advisers.‍

What Does This Mean to the Crypto Community?

Stephen Miran's appointment as chair of the Council of Economic Advisers introduces a nuanced perspective to the cryptocurrency sector.

In an interview with David Beckworth, Stephen Miran expressed skepticism about the possibility of the U.S. Treasury adopting a large-scale Bitcoin acquisition strategy. While he admitted to not being deeply familiar with cryptocurrency specifics, he found the proposal intriguing but highlighted potential challenges, such as the liquidity limitations of Bitcoin:

"It’s not really the most liquid asset in the world, and I don’t know, if you were trying to trade crypto, how much you’d end up moving the price level, to the extent that you really couldn’t buy the sizes that you wanted."

This suggests concerns about the feasibility of acquiring significant amounts of Bitcoin without causing market disruption.

However, Miran pointed out that the U.S. government already holds a substantial reserve of Bitcoin, obtained through seizures during criminal investigations, noting,

"The U.S. government is sitting on a pretty sizable reserve of Bitcoin already because of all the seizures they’ve done during criminal investigations."

While Miran's appointment might suggest a cautious approach to cryptocurrency integration, President Trump’s recent actions indicate a bold and proactive stance

Earlier this month, Trump hosted Kris Marszalek, CEO of Crypto.com, at his Mar-a-Lago residence to discuss regulatory frameworks and industry priorities.

Additionally, he appointed venture capitalist David Sacks as the White House AI and Cryptocurrency Czar, emphasizing the role of emerging technologies in his agenda.

In another notable move, Trump nominated Paul Atkins, a known advocate for cryptocurrency, to lead the U.S. Securities and Exchange Commission (SEC), showcasing his commitment to fostering innovation in financial markets while balancing potential challenges.