Trump's 'private' Crypto Assets reserve plan? Openly advertising? Implementation has great uncertainty

The latest developments in the Crypto Assets strategic reserve have brought a boost to the market, but some industry insiders have questioned Trump's plan, pointing out his inclination towards a variety of assets. Is there a "conflict of interest"? The implementation method is still unclear. (Background: Arthur Hayes is pessimistic about Trump's establishment of BTC and altcoin reserves: the U.S. government is broke and just talking) (Context: Trump shouted to promote "XRP, SOL, and ADA strategic reserves," the market exploded, and BTC broke through $89,000) On the evening of March 2, U.S. President Trump announced the asset categories of the Crypto Assets strategic reserve on Truth Social, including XRP, SOL, ADA. He then added that BTC, ETH, XRP, SOL, ADA will also become core reserves as other valuable Crypto Assets. Upon this announcement, the Crypto Assets market quickly rebounded, with the top five coins generally rising. As of 8 a.m. on March 3, the price of BTC surpassed $94,000, rising by 9.71% during the day. Trump announced 5 assets for the encryption asset reserve: BTC, ETH, XRP, SOL, ADA. On March 2, amidst a general market downturn, Trump suddenly issued a statement on the Crypto Assets reserve: "The U.S. Crypto Assets reserve will elevate this critical industry after years of corrupt attacks by the Biden administration. That's why my digital asset executive order instructs the President's working group to advance the encryption strategic reserves including XRP, SOL, and ADA. I will ensure that the U.S. becomes the capital of encryption. We are making America great again!" Subsequently, the encryption market received a significant boost. As of 8 a.m. on March 3, BTC was quoted at $94,338, a rise of 9.71%; Ether was quoted at $2,513, a rise of 13.41%; Solana (SOL) rose to $178, a rise of 24.35%; XRP rose to $2.91, a rise of 33%; Cardano rose by 27% (ADA by 7%). In addition, Trump's meme coin TRUMP also rose by 25.36%. Trump promised to establish a "BTC strategic national reserve" at the BTC conference in Nashville in 2024. In his keynote speech, Trump told the audience, "If I am elected, my government's policy is to preserve 100% of all BTC currently held or acquired in the future by the U.S. government." Within his first week in office on January 23 of this year, Trump signed an encryption executive order as President, directing the digital asset working group to study the feasibility of establishing a national encryption reserve and explore a regulatory framework for stablecoins. "President Trump has announced the establishment of an encryption strategic reserve composed of BTC and other top Crypto Assets. This is consistent with Executive Order 14178 he issued in his first week." said David Sacks, the White House's AI and encryption affairs officer, on Platform X. He added, "More news will be released during the summit." President Trump will attend the inaugural White House Cryptocurrency Summit on March 7 and deliver a speech. Participants will include well-known founders, CEOs, investors in the Crypto Assets industry, and members of the President's digital asset working group. The summit will be hosted by White House AI and Crypto Asset czar David Sacks and managed by working group executive director Bo Hines. Inclination towards various assets, does it involve a "conflict of interest"? The implementation method is still unclear. Despite the latest developments in the Crypto Assets strategic reserve bringing a boost to the market, some industry insiders have raised doubts about Trump's encryption reserve plan. In particular, ADA's selection has sparked some unexpected reactions. According to @CryptoDoggyCN, in early February, ADA founder Charles Hoskinson hinted in a live broadcast that he would meet a big shot. On February 27, he posted that he couldn't go to ETHDenver and had to go to Florida, where Trump's Mar-a-Lago estate is located. @CryptoDoggyCN believes that ADA's selection may have been influenced by lobbying. Some influential figures in the tech and encryption industries criticized Trump for including Crypto Assets other than BTC in the reserve. AngelList co-founder Naval Ravikant wrote, "U.S. taxpayers should not be 'dumb buying' Crypto Assets that are nominally Decentralized." He added, "If it has lobbyists, then it's not Decentralized." Aave founder Stani Kulechov also wrote, "Good news: strategic encryption reserves are in the works; bad news: DeADA, DeADAX". Mint Ventures research partner Alex Xu analyzed that SOL, XRP, and ADA have been frequent visitors to Trump's Mar-a-Lago estate after he took office, providing Trump with various overt endorsements such as inauguration fund donations, etc., and the high probability of various covert conflicts of interest. Trump is also reciprocating this time, providing a visible return and arranging a "advertising spot" within the powers of the president. However, in the long run, projects like ADA and XRP can be used as reserve assets, this absurd practice will only weaken the seriousness of the BTC strategic reserve itself, further reducing the possibility of the BTC reserve bill passing at the federal level. While the working group's efforts are one thing, success at the legislative level is another. The Republican advantage in the House is very weak, and it is simply not possible to legislate SOL, ADA, XRP into the national reserve. The only possibility is for Trump to establish a national sovereign fund directly managed by the Department of the Treasury, which would allow the purchase of the above assets without federal legislation. But how likely is this? How much benefit do SOL, XRP, and ADA need to provide to Trump's family for the President to order the purchase of these things with taxpayer money? In addition, some industry insiders pointed out that in the past few months, when Trump mentioned related policies, the terms "reserve" and "stockpile" were used interchangeably, but there are some key differences between them. Rebecca Rettig, Chief Legal Officer of Jito Labs, said, "As I understand it, stockpile means the government will hold Crypto Assets accumulated through various cases, while reserve is ultimately what the Department of the Treasury decides to purchase and hold." Analyst Jason Chen on Platform X stated that there is a very uncertain factor in the comprehensive Crypto Assets strategic reserve plan: how will the reserve be completed? According to Trump's extremely self-serving businessman style, always adhering to the principle of getting a free ride without spending money, it is difficult to expect him to pull out money from his pocket to buy and then "pump". With the U.S. fiscal deficit reaching $18.3 trillion, the landlord's family has no extra money left, so Trump is likely to complete the reserve through a "stockpile" method. He said that in the future, APT, SUI, MOVE might be reserved. If no money is used to complete the reserve, then the nature of this Favourable Information essentially becomes a Lock-up Position, meaning that the funds flowing into the strategic reserve will not be sold for a long time, neutralizing the previous concerns about the U.S. government dumping Unfavourable Information, and will not actually pump like BlackRock and MicroStrategy pouring money in. Despite...