Jake Chervinsky, the chief legal officer at digital asset manager Variant, believes that the United States can do more than just establish a strategic Bitcoin reserve or crypto stockpile if it truly wants to become the crypto capital of the world. While having a reserve and stockpile could be beneficial for the U.S., Chervinsky argues that it will not be enough to achieve this goal.
In a recent statement, Chervinsky emphasized that becoming the crypto capital of the world requires more than just holding the most crypto wealth compared to other countries. It involves fostering innovation, creating jobs, exerting influence, and generating economic activity. To accomplish this, he suggests that the government needs to implement new policies that empower entrepreneurs to launch protocols and products made in the USA.
Chervinsky’s comments come in the wake of President Donald Trump’s executive order on establishing a strategic Bitcoin reserve. The order includes the inclusion of several altcoins such as XRP, Solana, and Cardano in a U.S. stockpile. Additionally, the order outlines the creation of a Strategic Bitcoin Reserve to hold BTC seized or forfeited in criminal or civil proceedings, as well as a U.S. Digital Asset Stockpile for forfeited digital assets.
While Chervinsky commends the Trump administration for taking these steps, he believes that more can be done to solidify the U.S.’s position as the global crypto capital. He highlights the importance of addressing issues such as crypto debanking, regulatory clarity, and market structure legislation. Chervinsky also emphasizes the need for stablecoin legislation, securities safe harbor for token issuance, and protections for banking access and non-custodial software developers.
In conclusion, Chervinsky asserts that clear and durable rules of the road are essential for the U.S. to succeed in the crypto space. By prioritizing these key areas and implementing supportive policies, the U.S. can position itself as a leader in the crypto industry and achieve its goal of becoming the crypto capital of the world.