Under the proposal, bitcoin would be established as a strategic reserve asset and the government could buy up to 5% of the cryptocurrency’s total supply, the report said.

Analysts expect a broad market rally and changes in SEC leadership. Trump’s crypto policies include a bitcoin strategic reserve, banning a central bank digital currency and freeing Ross Ulbricht.

Stablecoin and market structure bills may now both see faster progress, the report said.

As Donald Trump’s path toward the White House became clearer, the industry had already scored huge, getting many new allies in Congress and a serious Senate hurdle removed.

Lawyers slammed the SEC for a lack of clarity on regulation when it comes to virtual assets.

The firm’s IMX token is down over 13% at $1.16 following the announcement.