Jake Chervinsky, lawyer and chief legal officer for Digital Asset Manager Variant, says if the US wants to become the crypto capital of the world, it can do more than a strategic Bitcoin sanctuary or crypto stockpile.
Having a strategic Bitcoin (BTC) reserve and digital asset stockpile could be great for the US, according to Chervinsky
However, he believes that this alone will not make the country a world crypto capital. There's much to do to President Donald Trump's quest to turn America into global crypto capital.
The pro-crypto lawyer shared his comments about X. In particular, he shared these sentiments following President Donald Trump's executive order and followed the strategic Bitcoin Reserve.
None of these are themselves.
“To that end, we need a new policy that empowers entrepreneurs to launch protocols and products created in the United States,” he assumed. “Being “crypto capital” does not mean that you hold the most crypto wealth compared to other countries. It means having the most innovation, the most jobs, the most influence, the most economic activity. To achieve that goal, the government must support businesses as well as assets. ”
Last week, Trump announced that several altcoins will become part of the US stockpile, including XRP (XRP), Solana (SOL) and Cardano (ADA).
Following Trump's EO on BTC reserves and stockpiles, the White House has released a fact sheet identifying what the order outlined.
Part of it is a strategic Bitcoin Reserve that holds the BTC to be seized or forfeitured as a result of a criminal or civil lawsuit. The government does not sell bitcoin, and the Ministry of Finance and Commerce are permitted to utilize “budget neutral” strategies when trying to acquire more BTC.
EO has also established a US digital asset stockpile, including holdings of confiscated digital assets. The US will not purchase these Altcoin assets, but only for confiscated hauling.
While he praises the Trump administration for this step, he points out that Cherbinsky can do more. Assuming the issue of defiling the cryptocurrency, it is a good effort for the Securities and Exchange Commission to remove litigation and probes and lower regulatory moves.
“But that's not enough. The US needs clear, durable rules for the roads if they want to win. It can be built with the full certainty that entrepreneurs are on the right side of the law. Durability means that new leadership will not be able to easily rewrite these rules in the future,” he added.
In his opinion, five areas need to prioritize in the efforts to make the US the world's crypto capital. These are the Stubcoin Act, Market Structure Act, Securities Safe Harbor for Token Issuance, Bank Access Protection, and Protection for Non-Mandatory Software Developers.
