On November 7th, according to CoinDesk, asset manager 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 possible passage of the Bitcoin Act. James Butterfill, head of research at CoinShares, wrote: "The proposal would establish bitcoin as a strategic reserve asset, with the US government acquiring 5% of the total supply of bitcoin. This would give bitcoin a status similar to gold." Bitcoin would also gain greater legitimacy after having a recognized status in national reserves, the report said. CoinShares pointed out that Trump has been critical of the Securities Exchange Commission (SEC) and its chairperson Gary Gensler, especially the agency's attitude towards cryptocurrencies. His administration is expected to appoint a new SEC leader, which could lead to a period of more crypto-friendly regulation.