This past weekend, incoming US president Donald Trump announced he intends to appoint Stephan Miran, chair of the Council of Economic Advisors (CEA), a body of experts that help advise the president on economic matters.
Crypto Can Help Drive Innovation – Miran
Like the majority of Trump’s new cabinet, Miran is also a crypto advocate. A former Treasury employee during Trump’s first presidency, he currently works as an economist at Hudson Bay Capital Management.
Miran’s crypto-friendliness has attracted him support from members of the crypto community, notably from Michael Saylor, the CEO of MicroStrategy.
Speaking recently, Miran suggested that today’s financial industry regulations were restrictive and thus impacted financial institutions negatively. He then stressed the importance of innovation as an essential growth driver, while noting the transformational potential of cryptos.
According to him “Crypto could play a significant role in driving innovation and contributing to the economic boom envisioned for a future Trump Administration.”
Responding to his nomination by Trump, Miran said:
“I am beyond honored 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!”
A Critic Of Janet Yellen And Jerome Powell
Miran has been critical of prominent figures in this Democrat government, particularly Janet Yellen and Jerome H. Powell, Treasury Secretary and Federal Reserve Chair respectively.
For instance, in July this year, Miran and fellow Hudson Bay Capital staff, Nouriel Roubini, released a publication attacking Yellen’s strategies.
In their paper, they accused the Treasury Secretary of manipulating markets in order to stimulate economic activity. Yellen has dismissed their allegations.
Powell’s support of a stimulus bill in October 2020 has also drawn Miran’s criticism. He says Powell’s support was “politically and economically misguided,” His comment is an indication of his broader frustration about the economic leadership of the outgoing administration.
Not long ago, Trump revealed that Paul Atkins, another crypto advocate, as his choice to chair the US Securities and Exchange Commission (SEC). Atkins was a SEC commissioner during the time of George W. Bush.
Earlier, BTC Republic reported that Bitcoin’s price went past $100,000 for the first shortly after Trump chose Atkins as SEC chair.
Bo Hines, a former Congress candidate, has also been chosen by Trump to serve as Executive Director of the Presidential Council of Advisers for Digital Assets.
According to the president-elect, Hines would work collaboratively with David Sacks, who is set to assume the role of the new government’s “Crypto Czar,” to implement the administration’s cryptocurrency agenda. Hines has no history of being a crypto advocate.
These appointments come as Trump has promised to ensure that the US becomes the “crypto capital of the planet” while also promoting the idea of a strategic national Bitcoin reserve.
