What Nomination of Pro-Bitcoin Ally Stephen Miran to CEA Could Mean to Crypto’s Future

U.S. President-elect Donald Trump announced the nomination of Stephen Moran, his first-term Treasury Department advisor, to chair the Council of Economic Advisers (CEA) during his second term in the White House.

According to a report in Reuters, Trump stated that Stephen Miran would work with “the rest of my Economic team to deliver a Great Economic Boom that lifts all Americans.”

High Optimism Following the Nomination of Stephen Miran

Should the Senate confirm his nomination, Stephen Miran will oversee the Council of Economic Advisers. This body advises the President on different economic issues and primarily focuses on policies that would promote economic growth, stability, and full employment. The council, which is composed of three members, including the chairperson, also assists in preparing an annual report highlighting the country’s economy, reviewing federal policies and programs, and making economic policy recommendations.

The announcement has excited the Bitcoin community, which sees Miran as someone who has previously supported crypto’s role in economic growth and criticized the current financial regulatory framework as overly burdensome. During a previous interview with The Bitcoin Layer, Stephen Miran criticized the U.S. regulatory environment, claiming it stifled innovation. Miran then stated, “I think that crypto has a big role potentially to play in innovation.”

Michael Saylor Hails the Nomination of Miran

Stephen Miran, an alumnus of Harvard University, is an economist who currently serves as a senior strategist at the Hudson Bay Capital Management alongside his fellowship at the Manhattan Institute. Speaking about his nomination to the Council of Economic Advisers,  Miran stated in an X post, “I am beyond honoured that President Trump has chosen me to lead his Council of Economic Advisers […] I look forward to working to help implement the President’s policy agenda to create a booming, non-inflationary economy that brings prosperity to all Americans!”

Many in the crypto community have hailed the nomination of Stephen Miran, including some prominent crypto advocates like MicroStrategy CEO Michael Saylor. The optimism among crypto advocates surrounds the firm belief that President-elect Donald Trump and his new administration will facilitate the enactment of clear regulations that will enable crypto companies and users to harness the latest technology without fear of being bogged down by unnecessary enforcement, which has been the hallmark of the outgoing Biden administration.

Trump Has Made Many Pro-Crypto Appointments.

In addition to tapping Stephen Miran to lead the Council of Economic Advisers, Trump has also nominated other pro-crypto figures like Paul Atkins to chair the U.S. Securities and Exchange Commission (SEC), who many believe will bring to an end unwarranted crackdowns on the crypto industry. The president-elect also appointed former PayPal CEO David Sacks to chair the newly created office of AI and Crypto Czar, where he is expected to guide policy in the two emerging sectors that Trump supports.

Most people believe these appointments signal Trump’s commitment to fulfilling his campaign pledges to foster a pro-crypto industry environment. The crypto community is expecting a lot as it awaits the nomination of the next CFTC chair. They believe that, just like the SEC, the selected individual will also play a role in regulating the crypto sector.

Conclusion

While President-elect Donald Trump is keeping his campaign promises, especially regarding the crypto industry, some critics believe that nominees like Stephen Miran could champion a more innovative, friendly, and less restrictive regulatory approach. They think he represents a libertarian viewpoint that believes heavy-handed regulation discourages progress in emerging technologies like crypto. Only time will tell if Miran’s appointment to the Council of Economic Advisers could have a beneficial impact on the Bitcoin and crypto communities.

Frequently Asked Questions (FAQs)

How do U.S. regulators view cryptocurrencies?

At the moment, the SEC does not have clear guidelines regarding cryptocurrencies. However, the U.S. Commodity Futures Trading Commission (CFTC) has defined cryptocurrencies as commodities. Advisers mostly treat them as such by applying the same compliance controls they would with any other commodity asset.

Why are cryptocurrencies being regulated?

The SEC currently views cryptocurrencies as a security like any other stock or ETF on a stock exchange. The IRS considers cryptocurrencies properties and, therefore, charges capital gains taxes on them. Investors are often left at a crossroads when considering the tax implications of using crypto for gifts, donations, or payments.

How is crypto regulated in the European Union?

Similar to the U.S., the EU accepts crypto as part of the investable universe. In January 2020, the governing bodies signed the 5th Anti-Money Laundering Directive (5AMLD) into law. This marked the first time crypto providers felt under regulatory control. The EU doesn’t regulate crypto exchanges, but some must register with their local regional authority.