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El Salvador has reiterated its commitment to Bitcoin in spite of recent developments that saw its digital wallet, Chivo, being sold or retired. This is just days after the country sealed a $1.4 billion loan deal with the International Monetary Fund.
The deal forces the scaling back of Bitcoin policies, but the Salvadoran government remains undeterred in its quest to accumulate BTC for its strategic reserves.
El Salvador Reaffirms BTC Commitment, to Keep Accumulating Reserves
Stacey Herbert, the Director of the National Bitcoin Office, highlighted the fact that Bitcoin would keep on playing a critical role in the country’s financial strategy. She said that, while the Chivo wallet will stop being active, the government will speed up its buying of Bitcoin, continuing to add more BTC to its reserves.
EL SALVADOR SECURES $3.5 FUNDING DEAL
Bitcoin remains legal tender
— Stacy Herbert
(@stacyherbert) December 19, 2024
Presently, El Salvador holds 5,968.77 Bitcoin, which is nearly $596 million, with plans to purchase one Bitcoin per day.
The IMF required Bitcoin use in the private sector to be voluntary. It also limited public sector involvement in Bitcoin transactions.
Despite these restrictions, Herbert stated that many Bitcoin-related initiatives will continue. These include developing Bitcoin capital markets and expanding Bitcoin education programs.
Despite Incentives, Bitcoin Adoption Remains Low
Despite these setbacks, President Nayib Bukele remains optimistic about Bitcoin’s role in the country’s economy. Earlier this month he celebrated the recent surge past $100,000. Recently, crypto exchange Bitget has achieved a significant milestone, becoming the first digital asset trading platform to be granted a license as a Bitcoin Service Provider by El Salvador’s Central Bank. This development comes after Bukele revealed that El Salvador’s Bitcoin holdings have generated an unrealized profit of $362 million.
Though the IMF agreement requires the country to make adjustments to its BTC strategy, the government remains determined to keep Bitcoin as legal tender and to expand its use in key economic initiatives.
Teuta Franjkovic
Teuta is a seasoned writer and editor with over 15 years of expertise in macroeconomics, technology, and the crypto and blockchain sectors.
She began her career in 2005 as a lifestyle writer for *Cosmopolitan* before transitioning to business and economic reporting for renowned outlets like *Forbes* and *Bloomberg*.
Inspired by thought leaders like Don and Alex Tapscott and Laura Shin, Teuta embraced blockchain’s potential, viewing cryptocurrency as one of humanity’s most transformative innovations.
Since 2014, she has specialized in fintech, focusing on crypto, blockchain, NFTs, and Web3. Known for her strong collaboration and communication skills, Teuta also holds dual MAs in Political Science and Law.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Wyoming Senator Cynthia Lummis has been very supportive of the new administration’s attitude toward digital assets, especially when it comes to Bitcoin reserve. In her tweet she said she thinks that 2025 will be a very important year for cryptocurrencies, referring to the appointment of David Sacks as the “Crypto Czar” of the administration.
Sacks is a well-known venture capitalist and former PayPal executive who is likely to play an important role in the US government’s policies on cryptocurrencies.
Senator Cynthia Lummis Advocates Strategic Bitcoin Reserve and Fiscal Responsibility
Senator Cynthia Lummis has become one of the staunchest supporters of the new administration’s policy on digital assets, especially Bitcoin. Recently she stated that 2025 will be a defining year for cryptocurrencies, citing the appointment of David Sacks as the “Crypto Czar” for the administration. Sacks is a well-known venture capitalist and former executive at PayPal.
2025 will be the year for bitcoin & digital assets. With David Sacks as Crypto Czar, this will be the most pro-digital asset administration ever!Â
I look forward to working closely with @DavidSacks to pass comprehensive digital asset legislation & my strategic bitcoin reserve. pic.twitter.com/4TAT1sTvY3
— Senator Cynthia Lummis (@SenLummis) December 17, 2024
Lummis also looks forward to working with Sacks on legislation related to digital assets and her strategic Bitcoin reserve proposal. The move follows Trump’s endorsement of a national Bitcoin reserve, a major federal pivot into digital currencies.
She recently met with Sacks, referring to him as a “champion for digital assets” and a strong ally for her Bitcoin Reserve plan. She says she will work with him and the incoming administration to “restore fiscal responsibility.”
The Senator from Wyoming is staunchly advocating for Bitcoin as an integral part of the United States’ fiscal policy. She suggests converting a portion of the US Treasury’s gold to Bitcoin. This would happen by using gold certificates instead of outright selling to avoid affecting the federal balance sheet.
Previously, Lummis said this plan would save requiring $90 billion in direct outlays to purchase Bitcoin at current prices. This is the first time her national Bitcoin reserve plan connects directly to the Treasury’s gold reserves.
Bitcoin Hits New ATH as Trump Announces US BTC Strategic Reserve Plans
Bitcoin reached a fresh all-time high over $108,000 on Tuesday, as crypto supporters went into overdrive after President-elect Donald Trump promised US Bitcoin strategic reserve.
It is not clear whether Trump, under the executive powers at his disposal, could unilaterally determine to create a Bitcoin reserve or if it is required by an act of Congress. Some believe the US President, through an Executive Order, has the authority over directing the US Treasury’s Exchange Stabilization Fund with its power to purchase and sell foreign currencies, potentially even hold Bitcoin.
This reserve may involve Bitcoin seized by the government, from criminal activities, amounting to about 200,000 tokens, worth roughly $21 billion at its current price, according to bitcointreasuries.net. During a speech back in July, Trump unveiled a plan for a Bitcoin reserve – a stockpile of this seized Bitcoin could theoretically form some sort of starting point, though it’s not certain through what legal means they might be transferred from the Justice Department.
In November, Senator Lummis said that her bill would help the US “pay off half the debt in 20 years”. “This would help protect us from inflation and strengthen the U.S. dollar internationally,” she said. A strong dollar, advocates argue, would grant the United States more bargaining power against foreign opponents like China and Russia.
Teuta Franjkovic
Teuta is a seasoned writer and editor with over 15 years of expertise in macroeconomics, technology, and the crypto and blockchain sectors.
She began her career in 2005 as a lifestyle writer for *Cosmopolitan* before transitioning to business and economic reporting for renowned outlets like *Forbes* and *Bloomberg*.
Inspired by thought leaders like Don and Alex Tapscott and Laura Shin, Teuta embraced blockchain’s potential, viewing cryptocurrency as one of humanity’s most transformative innovations.
Since 2014, she has specialized in fintech, focusing on crypto, blockchain, NFTs, and Web3. Known for her strong collaboration and communication skills, Teuta also holds dual MAs in Political Science and Law.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under current regulations.
- SEC plans new regulations for DeFi and trading systems to protect investors.
- Crypto firms, including Coinbase, push back against expanding regulatory scope.
In recent statements, SEC Chairman Gary Gensler has firmly reiterated that Bitcoin is classified as a non-security under existing SEC regulations. His comments came during an interview on CNBC’s “Squawk Box.”
Gensler emphasized the importance of regulatory clarity, insisting that while many firms have benefitted from the public’s growing interest in cryptocurrencies, they often resist the regulations designed to ensure market integrity.
In the interview, Gensler noted that the SEC’s role is to foster trust in the market, stating, “Innovations do not develop in the long term unless they also build trust.” He referenced the significant losses and bankruptcies that have occurred in the crypto space, underscoring the necessity of having regulations in place to protect investors.
Despite Gensler’s reaffirmation regarding Bitcoin, he acknowledged the discontent among crypto firms concerning regulatory frameworks. He highlighted that many industry stakeholders argue against the existence of such regulations, which he attributes to their discomfort with the enforcement actions taken by the SEC.
Notably, Gensler’s remarks follow the recent eToro settlement, which confirmed that Bitcoin (BTC), along with Bitcoin Cash (BCH) and Ethereum (ETH), are not considered securities.
SEC’s trading systems proposal
In the interview, Gensler indicated that the SEC is working on new regulations for decentralized finance (DeFi), suggesting a potential shift in oversight for various trading platforms.
Earlier Gary Gensler while testifying before the US House Financial Services Committee discussed the SEC’s ongoing proposal to mandate that alternative trading systems register as brokers. This proposal aims to close regulatory gaps among trading platforms, ensuring compliance with rules intended to prevent unfair trading practices.
However, the proposed regulations have met significant push-back from digital-asset firms, including Coinbase, which argue that the definition of an exchange could inadvertently include DeFi platforms, complicating their compliance.
As the SEC continues to navigate the complex landscape of cryptocurrency regulation, Gensler reiterated the agency’s commitment to fostering a transparent market.
With no timeline set for final decisions on the trading systems proposal, the SEC remains open to considering applications from exchanges seeking to offer central clearing for the US Treasury market, which is projected to expand significantly under new rules.
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