On November 7, according to CoinDesk, asset management company CoinShares said in a research blog on Wednesday that the Donald Trump administration may provide a more positive environment for cryptocurrencies, and one of the most anticipated developments is the possibility of passing the Bitcoin Act. James Butterfill, director of research at CoinShares, wrote: "This proposal will establish Bitcoin as a strategic reserve asset, and the U.S. government will acquire 5% of the total supply of Bitcoin. This would give Bitcoin a status similar to gold." The report said that after having recognized status in national reserves, Bitcoin will also gain greater legitimacy. CoinShares pointed out that Trump has been critical of the U.S. Securities and Exchange Commission (SEC) and its Chairman Gary Gensler, especially the agency's attitude towards cryptocurrencies. His administration is expected to appoint new SEC leaders, which could lead to a more cryptocurrency-friendly regulatory period.