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Home»Politics
Politics

Criticism Mounts for Trump’s Crypto Reserve Inclusion of ADA and XRP

News RoomBy News Room3 months ago0 ViewsNo Comments2 Mins Read
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The US government’s decision to establish a Strategic Crypto Reserve has sparked intense discussions within the industry. On March 2, US President Donald Trump announced his executive order to create a national crypto reserve with the goal of solidifying the country’s leadership in the digital asset space. The reserve includes Bitcoin, Ethereum, XRP, Solana, and Cardano, although the weighting of these assets has not been disclosed.

Industry leaders have expressed concerns about the inclusion of multiple cryptocurrencies in the reserve, as many expected it to focus solely on Bitcoin. Critics argue that adding altcoins could complicate the initiative and potentially create unintended market biases. Jeff Park from Bitwise warned that including assets beyond Bitcoin could lead to concerns about government favoritism, even if the selection was made objectively.

Coinbase CEO Brian Armstrong suggested that a Bitcoin-only reserve would have been a more straightforward strategy. He proposed that if diversification is necessary, a market-cap-weighted index of digital assets could provide a more structured approach. Bitwise CEO Hunter Horsley emphasized that Bitcoin remains the strongest store of value in the digital age and questioned the reasoning behind the reserve’s asset choices.

Supporters of the selected altcoins defended their inclusion, viewing it as a win for the industry as a whole. Ripple CEO Brad Garlinghouse criticized Bitcoin maximalism and welcomed the recognition of a multichain future by the government. Similarly, Cardano founder Charles Hoskinson highlighted his blockchain’s commitment to security and decentralization, expressing confidence in its ability to contribute meaningfully to the crypto landscape.

Overall, the establishment of a Strategic Crypto Reserve by the US government has stirred up debates within the industry. While some question the inclusion of multiple cryptocurrencies, others view it as a positive step towards recognizing the diversity and potential of the digital asset space. It remains to be seen how the reserve will be structured and how its asset choices will impact the broader crypto market in the future.

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