Jake Chervinsky, a lawyer and chief legal officer at digital asset manager Variant, says the United States can do more than a strategic Bitcoin reserve or crypto stockpile if it truly wants to be the crypto capital of the world.
According to Chervinsky, having a strategic Bitcoin (BTC) reserve and digital asset stockpile could be great for the U.S.
However, he believes this alone will not make the country the crypto capital of the world. There’s much more that needs to be done and got right for President Donald Trump’s quest to make the U.S. a global crypto capital to happen.
The pro-crypto lawyer shared his comments on X, with this coming ahead of the White House’s Crypto Summit. Notably, he shared these sentiments following President Donald Trump’s executive order on a strategic Bitcoin reserve.
None of these are by themselves enough.
“For that, we need new policies empowering entrepreneurs to launch protocols and products made in the USA,” he posited. “Being “the crypto capital” doesn’t mean holding the most crypto wealth compared to other countries. It means having the most innovation, the most jobs, the most influence, the most economic activity. To achieve that goal, the government must support businesses, not just assets.”
Last week, Trump announced several altcoins would be part of a U.S. stockpile, including XRP (XRP), Solana (SOL) and Cardano (ADA).
Following Trump’s EO on a BTC reserve and stockpile, the White House released a fact sheet that pinpointed what the order outlined.
Part of this is the Strategic Bitcoin Reserve that will hold BTC seized or forfeited as a result of criminal or civil proceedings. The government will not sell the bitcoin and Treasury and Commerce departments are allowed to leverage “budget-neutral” strategies when looking to acquire more BTC.
The EO also established a U.S. Digital Asset Stockpile that will include holdings of forfeited digital assets. U.S. will not make any purchases of these altcoin assets, but hodl just the forfeited haul.
While he lauds the Trump administration for this step, Chervinsky notes more can be done. Taking on the issue of crypto debanking, the U.S. Securities and Exchange Commission dropping lawsuits and probes and more regulatory moves are good efforts.
“But that’s not enough: the USA needs clear and durable rules of the road if we want to win. Clear, meaning entrepreneurs can build with total certainty that they’re on the right side of the law. Durable, meaning new leadership can’t easily rewrite those rules in the future,” he added.
In his opinion, five areas need prioritizing amid efforts to make the U.S. the crypto capital of the world. These are: stablecoin legislation, market structure legislation, securities safe harbor for token issuance, protections for banking access and for developers of non-custodial software.
