U.S Government plans Special Rights For Bitcoin
US Commerce Secretary Howard Lutnick has confirmed that the Trump administration will present plans for a strategic Bitcoin reserve at the upcoming White House Crypto Summit on March 7,.
“The president believes that there is a Bitcoin strategic reserve,” Secretary Lutnick explained in an interview with The Pavlovic Today, adding that Bitcoin will probably hold a special place in the nation’s national cryptocurrency reserve, which will also include Ethereum, Solana, XRP, and Cardan.
“The issue of how we manage the other cryptocurrencies will now come up. And when we do that on Friday, I believe the model will be revealed. ‘ He added
President Donald Trump has come under fire after declaring on social media that assets other than Bitcoin would be included in the nation’s cryptocurrency reserve. Opponents argue that since Bitcoin is the only decentralized asset that can be used as a long-term store of wealth, centralized altcoins shouldn’t be included.
Opponents argue that since Bitcoin is the only decentralized asset that can be used as a long-term store of wealth, centralized altcoins shouldn’t be included in such a systemic project.
Peter Schiff, a critic of Bitcoin, stated that he can see the reasoning behind a reserve that only contains Bitcoin but not altcoins.
Lutnick responded by restating Trump’s desire for a Bitcoin-only basket without discounting the other assets in the suggested basket. According to Lutnick, “Bitcoin is one thing while the other currencies and crypto tokens will, I believe, be treated differently — positively, but differently.”.
The Securities and Exchange Commission formed a Crypto Task Force to provide the industry with a “sensible regulatory path.”. Several industry representatives have met with the task force to understand their regulatory concerns.
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