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Solana’s Toly calls Bitcoin EO a ‘Scalpel’, Here’s why
US President Donald Trump signed the much anticipated Executive order to establish a Strategic Bitcoin Reserve. This move has already sent shockwaves through the crypto world. Even Solana co-founder Anatoly Yakovenko admitted that this wasn’t the game changing move some had hoped for.
But here’s the catch, the United States won’t be buying any new Bitcoin, and instead, the reserve will be stocked with the BTC already in government possession. This will mostly come from criminal and civil asset forfeitures. The hype was real, but the reality failed to match the projection as BTC prices took a dip of around 5% in the last 24 hours.
Solana’s Toly says EO is no bailout
Solana co-founder in an X post stated that the Bitcoin EO is a scalpel and there is no government crypto bailout. However, the signing of the order will surely clear the regulatory uncertainty that has acted as a huge pain for the industry over the last 4 years. He added that he doesn’t hate it
Yakovenko highlighted that they need a stablecoin bill ahead and guidance to let banks deposit and withdraw crypto. He also asked for clear rules from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) for issuance and DeFi.
Earlier, Solana co-founder had suggested that the best option is not to set up reserves. He believes that if the government manages the reserves, it will lead to the failure of decentralization. Toly advised that the states should run their own reserve as a hedge against the Fed making a mistake. He further added that if there has to be a reserve, then it needs to be based on objectively measurable requirements.
US Gov’s new crypto strategy
Eleanor Terrett, a Fox Business journalist, reported that the Executive Order calls for two separate things. It mentions a strategic reserve and a stockpile. David Sacks agreed with the details, calling it accurate. Terrett stated that the strategic reserve will be carrying out only Bitcoin using the 200,000 or so tokens already in the government’s possession.
She added that Scott Bessent and Howard Lutnick have been given authorization to explore means of acquiring more Bitcoin. Meanwhile, these avenues will not come at the cost of taxpayers. In addition, the EO mandates a full audit of all the digital assets held in the government’s possession.
On the other hand, digital asset stockpile will contain assets other than BTC. As per the announcement, these assets will be Ripple’s XRP, Solana (SOL), Cardano (ADA), and Ethereum (ETH). A major difference between the reserve and the stockpile is that the agencies will not actively look for ways to purchase more of the assets contained in the stockpile.
The signing of the EO turned out to be a not so good news for the crypto market as Bitcoin declined over 5% to below $85,000 before recovering slightly to $88,109. Just weeks ago, Trump’s pro-crypto stance had sent BTC soaring to its all-time high of $109K. Solana took a dip of 3% in the last 24 hours, holding the fort at $143.
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