Trump Announces His Plans To Form A National Crypto Reserve

“I will make sure the U.S. is the Crypto Capital of the World,” Trump declared on his Truth Social network on Sunday in announcing the reserve. Via the New York Times:

Critics of all political stripes decried the move. Some Republicans raised questions about spending taxpayer money on risky assets instead of paying down the national debt. Joe Lonsdale, a friend of Elon Musk’s, wrote on X: “It’s wrong to steal my money for grift on the left; it’s also wrong to tax me for crypto bro schemes.”

Some protested the seeming latest conflict of interest involving Trump and crypto, noting that Trump profited from promoting the so-called memecoin $Trump before his inauguration. (The S.E.C. last week said memecoins wouldn’t be subject to regulatory oversight.) “This is getting egregious,” the software developer Nikita Bier replied to Lonsdale’s post. “Every 2 weeks there is a kickback to the family. Completely delegitimizes all the work DOGE is doing.”

Others questioned whether David Sacks, the investor who is Trump’s crypto czar, also stands to benefit from such a reserve. Sacks wrote on X that he had sold his cryptocurrency holdings, but didn’t address any holdings his investment firm has in crypto start-ups. Sacks will chair a first-of-its kind crypto White House summit on Friday intended to discuss ways to spur innovation and growth in the sector.

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