Opinion by: Kadan Stadelmann, chief technology officer, Komodo Platform

The Crypto Task Force held a press conference in early February 2025. It struck the wrong tone. While the task force gave lip service to regulatory clarity, the goal seemed to placate the crypto industry, not bring about change that empowers individuals. 

On Jan. 23, the president established a working group for digital assets to propose a federal regulatory framework around issuing and operating digital assets, including stablecoins and a Bitcoin reserve. These goals must be expanded upon, and it seems they are, as the development of a strategic reserve is now underway.

Instead of perpetuating the same discussion on “regulatory clarity” that the industry has been having with officials for years, the task force should take a similar approach to crypto matters as the Department of Government Efficiency (DOGE), which has been working in feverish haste to cut federal agencies and programs that it has deemed wasteful.

What the force should do

Instead, the Crypto Task Force should expose the perils of central bank inflationary money that puts humanity on a neverending treadmill toward desperation. It should cultivate a spirit of competition and adopting decentralized, permissionless currencies. 

The Task Force should persuade lawmakers to adopt a laissez-faire crypto structure while effectively stamping out the rampant fraud by the truly bad actors who exploit people’s false hopes of quick riches. The Crypto Task Force should put out press releases warning people about obvious scams. It should also teach people the virtues of proof-of-work and the follies of many proof-of-stake coins. 

The goal of Trump’s crypto task force should be simple: Establish a freedom-focused growth trajectory for the crypto industry in the US without delay. 

The freedom age 

Trump has clarified that he wants to promote the responsible growth and use of crypto. Such recommendations only hold as much merit as they grant entrepreneurs the freedom to take risks and curtail massive corporations from rolling out a digital panopticon with centralized cryptocurrencies. 

Recent: SEC task force continues meeting with firms over crypto regulations

If the US is to be competitive with countries like the United Arab Emirates, the US must create a regulatory sandbox that enables founders to develop technology — including controversial technologies like decentralized coin mixers — in legal gray areas without the fear of prison or jail time so long as they are not blatantly breaking pre-existing law. 

It’s time to let the market decide

Before Trump was elected, US crypto founders contended with seemingly arbitrary Securities and Exchange Commission witch hunts, which have ensnared even the most respected crypto institutions, such as Coinbase and Kraken. 

The SEC went after Ripple for issuing an alleged unregistered security, but Ripple enjoyed significant wins in that case, especially when selling tokens to institutions. Countless founders have been de-banked in the US for having founded even crypto-adjacent companies. That suggests there has been an all-out war by Washington and big banks against the industry. That has to end, and the damage that has been done must be repaired. The Crypto Task Force cannot protect big banks against crypto. It must let the market decide.

Although many suits have been dropped, lawmakers have their work cut out for them. So much has changed since the 20th century, when the US was a world leader in the development of the internet. It has fallen far behind in crypto. 

What the US needs now is innovation, not crypto red tape. The world has Anti-Money Laundering (AML) and Know Your Customer (KYC) laws. The Crypto Task Force mustn’t waste time developing a separate set of AML and KYC laws. Instead of studying the feasibility of a Bitcoin reserve, just put the Bitcoin confiscated from Ross Ulbricht, founder of the Silk Road, under the management of the Treasury and call it a day instead of selling it. 

The Crypto Task Force must work now to build a renewed spirit of technological innovation in the United States. Countries in Asia have demonstrated a higher level of participation at the retail level. The US needs a strategy to educate and empower the retail investing public to partake in exciting and new markets like blockchain and AI. The US must switch from a conservative approach to crypto toward a progressive approach akin to what we’ve seen in the UAE.

The US has already suffered a brain drain, as entrepreneurs have left to pursue opportunities in friendlier jurisdictions. If the US had developed a welcoming Bitcoin approach, El Salvador could have never attracted talent from the US.

Too much freedom has already been lost in the US. The Trump administration must unleash the crypto-anarchists with the enthusiasm of DOGE in the spirit of some of the US’s greatest freedom thinkers, like Henry David Thoreau and others.

Long ago, the US fell behind in the crypto arm’s race. It will take work to catch up, and the more radical the approach taken by the Crypto Task Force, the quicker the gap can be closed.

If it doesn’t, you can bet we crypto-anarchists will be storming the gates. 

Opinion by: Kadan Stadelmann, chief technology officer, Komodo Platform.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

REX Shares, an exchange-traded fund (ETF) provider with over $6 billion in assets under management (AUM), launched its Bitcoin (BTC) Corporate Treasury Convertible Bond (BMAX) ETF that invests in the convertible bonds of companies with a BTC corporate reserve strategy.

According to the March 14 announcement, the ETF will purchase the convertible notes of companies such as Strategy. Convertible notes are commercial paper that can be converted into equity at a predetermined rate if an investor chooses.

Typically, these convertible bonds are purchased by institutional investors, including pension funds, some of which specialize in convertible note investing. Greg King, CEO of REX Financial, said:

“Until now, these bonds have been difficult for individual investors to reach. BMAX removes those barriers, making it easier to invest in the strategy pioneered by Michael Saylor — leveraging corporate debt to acquire Bitcoin as a treasury asset.”

Investing in convertible bonds, ETFs and the equity of companies such as Strategy, MARA and Metaplanet provides investors with indirect exposure to Bitcoin that removes the technical barrier to entry and self-custodial risks of holding BTC directly.

Strategy co-founder Michael Saylor, who popularized corporate Bitcoin treasuries, speaks about the merits of BTC. Source: Cointelegraph

Related: Michael Saylor’s Strategy to raise up to $21B to purchase more Bitcoin

Strategy a proxy Bitcoin bet for institutional investors

Institutional investors may lack the technical sophistication to hold BTC directly or have legal or fiduciary constraints preventing them from investing in digital assets.

At least 12 US states currently hold Strategy stock as part of their state pension funds and treasuries. Collectively, these states hold over $271 million in Strategy stock using current market prices.

The list comprises Arizona, California, Colorado, Florida, Illinois, Louisiana, Maryland, North Carolina, New Jersey, Texas, Utah and Wisconsin.

California’s State Teachers’ Retirement Fund and its Public Employees Retirement System hold $67.2 million and $62.8 million in Strategy stock, respectively.

Strategy’s Bitcoin purchases in 2025. Source: SaylorTracker

According to SaylorTracker, Strategy currently holds 499,096 BTC, valued at over $41.4 billion, making the company one of the largest corporate BTC holders in the world — eclipsing the US government’s estimated 198,000 BTC.

Strategy’s most recent Bitcoin purchase occurred on Feb. 24, when the company acquired 20,356 BTC for nearly $2 billion.

Magazine: ‘China’s MicroStrategy’ Meitu sells all its Bitcoin and Ethereum: Asia Express

Bitcoin (BTC) circled $83,000 at the March 14 Wall Street open as traders set out requirements to flip bullish.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

BTC price RSI teases key “bullish divergence”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining up to 5% on the day before consolidating.

A characteristic lack of momentum at the start of the US trading session persisted, with risk assets still wary of macroeconomic and geopolitical surprises, notably in the form of US trade tariffs.

Assessing the current status quo on the daily BTC/USD chart, popular trader and analyst Rekt Capital reported increasing odds of a bullish divergence playing out on the relative strength index (RSI) metric.

Here, RSI should make higher lows as the price forms lower lows to indicate waning seller dominance.

“Promising early-stage signs of a Bullish Divergence developing,” he wrote in one of the day’s posts on X.

“Reclaiming the previous lows of $84k could set price up to further build out this Bull Div.”

BTC/USD 1-day chart with RSI data. Source: Rekt Capital/X

Another post flagged a key horizontal resistance line currently under attack from bulls.

“Bitcoin continues to Daily Close below the blue resistance. However, each rejection from this resistance appears to be weakening in terms of follow-through to the downside,” Rekt Capital commented.

“If this weakening in the resistance persists… This should open up the opportunity for BTC to finally Daily Close above this $84k resistance, reclaim it as support, and finally trend continue to the upside.”

BTC/USD 1-day chart with RSI data. Source: Rekt Capital/X

Keith Alan, co-founder of trading resource Material Indicators, meanwhile focused on the 21-day and 200-day simple moving averages (SMAs). At the time of writing, these stood at $83,740 and $86,800, respectively.

“BTC is poised to make another run at reclaiming the 200-Day MA, but it will only count if we get a sustained close above it, AND it is closely followed by an R/S Flip at the 21-Day MA,” an X post on the topic read.

BTC/USD 1-day chart with 21, 200SMA. Source: Cointelegraph/TradingView

Alan referenced one of Material Indicators’ proprietary trading tools, calling for an increase in “bullish momentum.”

“Notice how Trend Precognition’s A1 Slope line is showing a developing momentum shift,” he commented alongside a corresponding chart. 

“Reverting from downward momentum is step 1. We need to see an increase in bullish momentum from here, with bids moving higher to stage a sustainable rally.”

BTC/USD 1-day chart. Source: Keith Alan/X

Gold leaves Bitcoin in the dust

Elsewhere, the S&P 500 saw some welcome relief at the open after dropping 10% from its latest all-time highs to officially begin a technical correction.

Related: Bitcoin panic selling costs new investors $100M in 6 weeks — Research

Meanwhile, gold set new record highs of over $3,000 per ounce as investors sought shelter from turbulent macro conditions.

As Cointelegraph reported, Bitcoin broke a key long-term trendline against gold as its relative underperformance in 2025 became all the more visible.

XAU/USD 1-day chart. Source: Cointelegraph/TradingView

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.