Mike Smith
Apr 30
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White House cryptocurrency adviser Bo Hynes has declared an unfolding international ‘space race’ for bitcoin accumulation, in which the United States intends to take the lead. In a recent interview with Bitcoin Magazine, he emphasised that the Trump administration sees the limited supply of the first cryptocurrency as a signal for decisive action.
‘There's definitely a kind of space race going on in terms of the accumulation of this asset,’ Hynes noted, adding, "We recognise the existence of other ecosystems. That's why the National Digital Asset Fund was created - we want to drive innovation across industries."
According to the advisor, it is the limited supply that sets Bitcoin apart from other crypto-assets. He pointed to the currency's decentralised origins and its growing market popularity as evidence of its long-term viability.
Calling Bitcoin ‘digital gold,’ Hynes reported on the government's rapid development of a strategic reserve of the cryptocurrency. The administration is working with the Treasury Department to inventory existing reserves and develop ‘budget-neutral’ acquisition mechanisms.
‘We are looking for the most practical solutions to get the accumulation process up and running as quickly as possible,’ the advisor emphasised, noting that the government is exploring multiple strategies instead of following a single approach.
Analysing the first 100 days of the administration, Hynes singled out the sweeping executive order signed in the first week as a key step that set the direction of the new digital asset policy. The document established an interagency working group, ended the so-called ‘Operation Chokepoint 2.0’ and facilitated significant regulatory changes, with the SEC withdrawing a number of lawsuits and banking regulators easing restrictions on cryptocurrency companies.
‘Our goal is to make the United States the crypto capital of the world and welcome a golden age of digital assets,’ Hynes said.
The White House plans to submit a bill on stablecoin and market structure to the president before the August recess of Congress. Details on the implementation of the initiatives will be outlined in an upcoming 180-day report.
The Senate is expected to vote on a GENIUS bill aimed at creating a regulatory framework for steblecoins before Memorial Day. The announcement was made by Republican Majority Leader John Thune during the weekly meeting of Republican senators.
The proposed bill has already received approval from the Senate Banking Committee, and its passage by the upper chamber of Congress will be a significant milestone in the regulation of the cryptocurrency sector in the US.
