Lutnick actively supports the establishment of Bitcoin businesses in the U.S. and reiterates the Trump administration’s efforts to make America an attractive hub for crypto companies. In contrast, he criticizes the Biden administration’s less supportive approach.  

The U.S. Department of Commerce and New Opportunities  

On March 31, 2025, The U.S. Department of Commerce launched an investment accelerator for Bitcoin and tech-focused companies. This program helps firms navigate regulatory processes, expedites necessary permits, and encourages investment in new projects. Lutnick emphasizes that this initiative is a turning point for Bitcoin mining companies, which have long faced challenges with infrastructure and regulatory clarity. The accelerator is thus poised to drive industry growth by providing momentum.  

Energy Independence for Cost Advantages  Lutnick’s vision offers an innovative solution to the energy challenges faced by Bitcoin miners. By building their own power plants near operations, miners can create an independent structure. For instance, waste gas from nearby gas fields serves as an environmentally friendly and low-cost energy source. This reduces reliance on traditional energy grids and keeps operational costs in check. The strategy boosts profitability while offering a sustainable model.  

Lutnick made a clear distinction regarding Bitcoin’s role in the economy, stating that it should be viewed as a commodity, like gold or oil, rather than a currency.  

Howard Lutnick says “think of bitcoin as a commodity not a currency”

This goes against the foundational reason Bitcoin was created. But I’m not stressed.

Let the system do what they do, I’m focused on my reality and where I put my money/energy. pic.twitter.com/NYZZ21XBi1

— Mr.McCormick (@_ColeMcCormick) April 24, 2025

As the crypto sector faces regulatory fluctuations, the new opportunities offered by the U.S. are drawing attention. Bitcoin miners are gearing up for growth with energy independence and investment incentives, while Lutnick’s insights continue to shape the industry. By getting rid of traditional energy sources, Bitcoin miners will gain more flexibility in cost control.

   READ: Bitcoin Supply Exceeds 85% in Profit: Is the Rise Beginning?  

Will The U.S. Department of Commerce Impact the Sector?

This investment accelerator enables Bitcoin mining companies to overcome regulatory hurdles and grow rapidly in the U.S. The program reduces costs for energy-intensive mining operations and accelerates infrastructure development. Backed by the Trump administration’s crypto-friendly policies, this move positions the U.S. as a global Bitcoin mining hub. However, environmental sustainability and high energy consumption debates remain key factors that could influence the sector’s growth.  

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“This Is a Huge Strategic Mistake”

Jason Lowery, an engineer with the US Space Force, voiced his concerns on X on December 3, calling the government’s Bitcoin sale a major blunder:

“This is a huge strategic mistake. There is no price where it makes sense for the US to sell any Bitcoin it has under its control. They have no idea what they own, and it shows.”

Lowery warned that this sale might pave the way for a future Executive Order similar to 6102, which could be used to reclaim Bitcoin sold due to a lack of understanding about its true significance. Executive Order 6102, signed in 1933 by President Franklin D. Roosevelt, prohibited the hoarding of gold in the US.

19,800 Bitcoin Transferred

On December 2, the US government moved 19,800 BTC (worth approximately $1.9 billion) to a Coinbase Prime deposit address.

Coinbase CEO Brian Armstrong echoed Lowery’s sentiments, stating that the US should hold its Bitcoin rather than sell it.
“If they are dumb enough to sell (which we all know governments can be), that supply will be snapped up instantly,” said crypto educator Toby Cunningham. Another observer remarked, “Biden will inflict as much damage as he can before leaving office.”

In total, the US government has transferred 25,999 BTC (valued at approximately $2.49 billion) to Coinbase this year. However, analysis from Spot On Chain suggests these movements might represent custodial actions rather than outright sales.

Gabor Gurbacs, strategy advisor at Tether, speculated that the government might be consolidating wallets or updating old addresses:

“There’s also a lot we don’t know. It’s not guaranteed they will sell. I haven’t seen any official auction announcements yet.”

Julio Moreno, Head of Research at CryptoQuant, indicated it was “highly likely” only 10,000 BTC were sold in the most recent transactions, as these were sent to Coinbase Prime, while the remaining 9,800 BTC went to a newly created wallet.

Total Bitcoin Holdings of the US Government

According to Spot On Chain, the US government currently holds approximately 183,850 BTC (valued at around $17.7 billion) across known wallets.

Bitcoin Price Impact

The transfer caused Bitcoin prices to drop sharply, falling nearly 3% to $94,500. At the time of writing, the asset had rebounded to around $96,000.

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According to Morehead, Bitcoin has almost doubled every year, giving it an 88% compounded annual growth rate. If this trend continues, Bitcoin could reach $740,000 by 2028, with a market capitalization of $15 trillion.

Morehead also believes that the upcoming presidency of Donald Trump, who is pro-blockchain, could have a positive impact on the crypto industry. His presidency might bring regulatory clarity, which would benefit the entire blockchain sector.

Since its launch, Pantera has made significant profits by investing in Bitcoin, purchasing it when it was priced around $65. Morehead views Bitcoin as the first global currency since gold, with the potential to transform the financial system.

This growth potential makes Bitcoin a key player in the digital asset ecosystem, and Morehead’s forecast reinforces the belief in Bitcoin’s long-term success.

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Founded by ICE (Intercontinental Exchange) in 2018, Bakkt has undergone multiple transformations in its pursuit of success, initially focusing on Bitcoin futures and crypto options but later pivoting towards crypto custody and consumer rewards. However, despite raising hundreds of millions from investors like Microsoft, Galaxy Digital, and others, the platform has faced challenges achieving profitability.

Trump’s increasing engagement with crypto is highlighted by his support for projects such as NFT collections and the launch of World Liberty Financial, a DeFi protocol. Additionally, he has expressed intentions to protect and expand the blockchain industry, including efforts to remove SEC Chairman Gary Gensler, who is often seen as skeptical of crypto.

With Trump Media and Technology Group (TMGT), which owns Truth Social, reportedly planning to acquire Bakkt, this move underscores the shifting dynamics of crypto investments and regulation, as the former president builds his stake in the sector.

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Gallagher, who served as a SEC commissioner from 2011 to 2015 under the Republican Party, is now a leading candidate to head the SEC. Currently, he oversees legal, compliance, and corporate affairs at Robinhood. Trump’s team sees Gallagher as the strongest contender for the position. However, the decision is not final, with other potential candidates such as former SEC commissioner Paul Atkins and Robert Stebbins, who served as the agency’s general counsel during Trump’s first term, also being considered.

The appointment of the SEC chair is especially important to the crypto community, which has faced increasing regulation under Gensler’s leadership. Trump had promised a more favorable stance toward the crypto industry, pledging to remove Gensler and replace him with someone more crypto-friendly.

Gallagher’s experience within the SEC and his positive stance on crypto make him an appealing choice. Politico reported that a former SEC official referred to Gallagher as “a natural choice” for Trump. Additionally, in May, Robinhood received a Wells notice from the SEC, indicating potential regulatory action over its crypto business. Gallagher has been leading the defense on this matter.

As the transition process continues, the final decision on the SEC chair is expected within the next few weeks. The crypto sector and investors are hopeful that Gallagher will take the helm at the SEC, seeing him as the most qualified candidate for the job.

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The chief investment officer at crypto asset manager Bitwise has stated that the crypto space could be exposed to trillions of dollars in the financial advisory industry once US regulators clear up regulatory uncertainties.

Regulatory uncertainty is the main reason financial advisors have not increased their exposure to crypto over the past five years, Bitwise chief investment officer Matt Hougan wrote in a June 4 post.

Hougan thinks the U.S. is finally moving toward regulatory clarity, which could open the door to the country’s $20 trillion financial advisory industry.

“Imagine how much of that $20 trillion would go into crypto if the biggest hurdle was removed.”

“If BlackRock’s entry into the crypto space had a positive impact on the market, imagine what would happen if all of Wall Street accepted crypto as a normal part of the market,” he added.

Hougan said a “shift” began last month when Democrats “switched sides to repeal Staff Accounting Bulletin 121 (SAB 121)” and the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21) and crypto He stated that this development was considered as a gain in the industry.

The Securities and Exchange Commission (SEC) approved spot Ether (ETH) exchange-traded funds (ETFs) on May 23, after months of analysts predicting they would be turned down.

Hougan claimed that President Joe Biden’s veto of the repeal of SAB 121 shows that “crypto still has a long way to go.”

“But even this is a minor setback. “We have been sailing against the wind in crypto for a decade,” he added.

Hougan notes that there are many opportunities to capture “alpha” in the crypto market, and that this opportunity has gone largely unnoticed by those “outside the crypto bubble.”

He says he continues to see people’s eyes become “dull” when he talks about crypto-related political developments at conferences.

“If people understood the implications of the change in Washington D.C., the crypto market would be at new record highs,” he argued.

“With the SAB 121 repeal vetoed, FIT21 unlikely to pass the Senate before the November election, and approved spot Ether ETFs yet to be launched, Hougan acknowledged that “no policies have changed in Washington yet.”

“The tide has turned, but the water has not yet come. Wake me up when the movement starts.”

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The Senate voted 60-38 to overturn the rule, known as Staff Accounting Bulletin (SAB) 121, which was issued by the SEC in 2022. The rule had been met with strong opposition from the crypto industry, which argued that it would stifle innovation and make it more difficult for institutional investors to access cryptocurrencies.

SAB 121 Provisions

Under SAB 121, crypto custodians would have been required to treat cryptocurrencies as liabilities on their balance sheets. This would have made it more difficult for banks to offer crypto custody services, as it would have increased their capital requirements.

The vote to overturn SAB 121 was bipartisan, with both Democrats and Republicans voting against the rule. This suggests that there is strong opposition to the SEC’s approach to crypto regulation in both chambers of Congress.

The Senate’s vote is expected to be sent to President Joe Biden, who has previously indicated that he is supportive of the crypto industry. It is likely that Biden will veto the rule, which would mean that it would not go into effect.

Implications for Crypto Industry

The Senate’s vote is a major victory for the crypto industry and is likely to be seen as a sign that Congress is supportive of innovation in the space. It is also a blow to the SEC, which has been criticized for its heavy-handed approach to crypto regulation.

The post US Senate Rejects SEC’s Anti-Crypto Move appeared first on Coin Engineer.

South Korea Will Provide ETF and Crypto Exposure

Democratic Party policy expert Hwanseok Choi said that their platform encourages the use of both domestic and foreign exchange-traded funds (ETFs), according to a Bloomberg article. After the US legalized such products in January, the decision to let ETFs invest directly in Bitcoin gained momentum. The assets held by these Bitcoin ETFs currently total about $57 billion. The securities regulator for South Korea, however, voiced worries that local brokerage of these instruments would be illegal, leading to confusion and adversely affecting the market.  While the People Power Party’s manifesto does not specifically address this debate, it does commit to delaying proposed cryptocurrency gains taxes past the 2025 deadline.

South Korea is renowned for its passion for cryptocurrencies other than Bitcoin, and its citizens have actively engaged in the recent crypto bull market. When it comes to trading volume, Upbit, the biggest cryptocurrency exchange in the country, is constantly ranked among the best worldwide platforms. Over $200 million was invested by South Koreans last month in MicroStrategy Inc.’s shares, a US-listed business that owns Bitcoin. They have expressed interest in the legal US crypto-futures exchange-traded funds (ETFs).

Additionally, election candidates themselves have exposure to cryptocurrencies, with about 7% owning digital assets, according to a Yonhap study that examined their asset reports.

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The White House has Concerns!

According to information provided by Charles Gasparino, a writer at Fox Business, the White House administration thinks that mining activities, along with the rise in the cryptocurrency market, could pose a significant burden on the country’s power grid.

Gasparino explained, “As the price of Bitcoin increases and demand starts to outpace supply, the White House began to worry that mining could place a serious strain on the power grid. Crypto industry executives told Fox Business that these fears are exaggerated, but could be used as an attempt to tighten regulations on the sector.”

SCOOP: As the price of $BTC surges and demand outpaces supply, @WhiteHouse worried $BTC mining could put significant strain on the power grid; crypto officials tell @FoxBusiness fears are overblown but will be used to try and increase regulation on the industry. More now…

— Charles Gasparino (@CGasparino) February 27, 2024

The US Government has been giving importance to closely monitoring mining activities. In early February, the Energy Information Administration (EIA), affiliated with the US Department of Energy, announced that they would begin using an application to monitor miners’ energy consumption under the “urgent” code. This step provoked strong reactions from mining companies and the crypto community. The case went to court, with the ruling preventing such data collection.

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On Tuesday, Janet Yellen appeared before the House Financial Services Committee to explain the recent work of the Financial Stability Oversight Council (FSOC), which is composed of the heads of US financial agencies. The council aims to prevent crypto risks and avert financial crises, and has paid special attention to this area in recent years.

In her prepared statement, she said, “The Council has focused on the risks associated with digital assets and transactions on crypto-asset platforms, vulnerabilities that could arise from crypto-asset price volatility, and regulatory gaps.”

Janet Yellen stated that she would continue to work with Congress on crypto legislation. “It is important that existing rules be enforced, and Congress should pass legislation to ensure that stablecoins are regulated and that there is oversight of spot markets for non-securities crypto assets,” she said.

Yellen’s remarks indicate that the crypto sector is at the center of the US government’s financial concerns.

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