US President Donald Trump announced plans to create a “U.S. Crypto Reserve” but the details remain unclear. The reserve would allegedly include select cryptocurrencies such as XRP, Solana, and Cardano, with Bitcoin, Ethereum, and other valuable cryptocurrencies also in the mix.
The announcement sparked a surge in cryptocurrency prices, particularly among the named tokens. However, concerns about corruption and cronyism have grown, with many questioning how Trump came up with the list of selected cryptocurrencies.
Libertarian venture capitalist Joe Lonsdale criticized the plan, stating that it is “wrong to tax me for crypto bro schemes.” White House adviser David Sacks responded, saying that people should wait to learn more about the proposed plan.
The concept of a strategic crypto reserve has been debated among crypto backers, with some pushing for law enforcement agencies to hold onto seized cryptocurrency rather than selling it. Others propose the government buying a large quantity of crypto through the Federal Reserve.
Trump’s announcement raises questions about his ability to implement such a plan via executive action, and what exactly is being proposed. A White House crypto summit will take place on Friday, chaired by Sacks, which may provide more clarity on the matter. However, details remain scarce, and many are left wondering if this plan is just another “bro scheme” to enrich his allies.
Source: https://www.vox.com/politics/402310/trump-us-crypto-reserve-sacks-xrp-solana-cardano