Malaya Ruiz
Today’s coverage by The Shib Daily focuses on the unfolding story of the U.S. Bitcoin Reserve announcement, detailing what can be expected moving forward and capturing the critical voices that have emerged in response.
Trump’s Strategic Bitcoin Reserve: A ‘Digital Fort Knox’ or a Rehash of Old Policy?
President Trump has signed an executive order to form a Strategic Bitcoin Reserve and a Digital Asset Stockpile. This initiative will retain seized Bitcoin as a long-term asset, described as a “digital Fort Knox.” The Secretaries of Treasury and Commerce will create budget-neutral strategies for additional Bitcoin purchases. The stockpile will only consist of cryptocurrencies obtained through forfeiture.
On the other hand, critics are not impressed. Werner Mouton noted that this reserve already existed before Trump, suggesting no real change. Financial lawyer James Murphy found the announcement “underwhelming,” indicating it might not have the expected impact. Political commentator Richard Angwin criticized the move as reckless, benefiting crypto elites while endangering taxpayer money. Sacks emphasized, however, that the Reserve will be funded by Bitcoin seized through government forfeiture actions, ensuring no cost to taxpayers.
Senator Tim Scott Proposes Bill to Curb ‘Debanking’ Practices in Banking Oversight
Republican Senator Tim Scott has introduced a bill to limit regulators from using reputational risk in bank oversight. The legislation addresses concerns that banks are denying services based on political influence instead of financial criteria, a practice known as “debanking.” Eleven Republican senators, including Cynthia Lummis and Mike Crapo, support the bill. Scott stated that the bill aims to end the misuse of reputational risk by federal regulators.
Sacks: U.S. Bitcoin Sales Have Resulted in Billions in Taxpayer Losses
White House AI and Crypto Czar David Sacks has expressed criticism over the U.S. government’s Bitcoin sales. He believes that selling confiscated holdings has cost taxpayers billions in lost potential value. Sacks highlighted that past sales raised $366 million, which could have been higher if the Bitcoin was retained. His statements have ignited discussions in the crypto community about how the government handles these assets.
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Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
