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crypto.news 2025-03-07 18:47:25

David Sacks downplays Trump’s altcoin mention after Bitcoin reserve EO

David Sacks downplays Trump’s altcoin mention after Bitcoin reserve EO

White House AI and Crypto Czar David Sacks addressed speculation on possibly including altcoins in a crypto reserve. Last weekend, President Donald Trump spoke about ( XRP ), Solana ( SOL ), and Cardano ( ADA ) as part of a U.S. crypto strategic reserve. The tokens and other digital assets surged to double-digit gains as billions flowed into cryptocurrencies. Debates broke out after Trump’s announcement, as many scrutinized the decentralization and value proposition of these altcoins. For most, a reserve exclusively denominated in Bitcoin ( BTC ) is the best route. Some surmised that Ethereum ( ETH ) should be the obvious choice if an altcoin must feature in the reserve. “He just mentioned the top five,” Sacks said shortly before the first White House crypto summit during a Bloomberg TV interview. “Well, the president just mentioned the top five cryptocurrencies by market cap, so I think people are reading into this a little bit too much”, Sacks stated. XRP and ADA dipped over 6% on the news, while SOL showed a modest pullback. You might also like: White House Crypto Summit: Nic Carter reacts to March 7 Bitcoin reserve announcement On March 6, President Trump signed a second Executive Order for America’s crypto strategy. The EO aims to establish a U.S. Bitcoin reserve and a Digital Asset Stockpile, which would comprise altcoins already owned by the government. The EO included an audit of America’s crypto holdings. Authorities hold about 198,109 BTC, but how much the government owns in Ethereum or XRP is anyone’s guess. “We know it owns Bitcoin. I believe it owns some Ethereum. I’m not sure about the other ones. No one’s been able to give us a straight answer yet.” said Sacks. Hope for crypto staking Creating a digital asset stockpile would mean the government won’t buy any new altcoins and simply manage its existing cache. Yet, Sacks’ remarks hinted at potential investment strategies to maximize these holdings if they exist. Sacks said the U.S. Secretary of the Treasury, Scott Bessent, would be able to “exercise portfolio management” for whatever altcoins are in the stockpile. Specifically, the government would consider staking these tokens, according to Sacks. Bessent already said the U.S. must lead the global crypto agenda. Crypto staking was essentially a taboo under previous administrations. Agencies like the Securities and Exchange Commission cracked down on the practice and outlawed companies like Kraken from offering staking to U.S. investors. Regulatory winds changed with President Trump’s second stint in the White House. The SEC was reassessing its stand on crypto staking under acting chair Mark Uyeda. Read more: Here’s why crypto prices may crash after the Trump summit

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