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President Donald Trump’s Sunday crypto reserve announcement has drawn some notable criticism from notable leaders within the crypto and tech industry, who made up his supporters during the presidential campaigns. According to a post on social media platform X by Brian Armstrong, the richest American within the crypto space with a net worth of $9.6 billion and a strong supporter of Donald Trump, only Bitcoin deserved a spot in the strategic crypto reserve as a potential “successor to gold” for the government. Backlash from Crypto Supporters US President Donald Trump revealed on March 2, 2025, through an executive order that he had told his administration to begin creating a national crypto reserve to solidify the country’s leadership within the crypto space. According to the President’s statement, the crypto reserve would include Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). Some of Donald Trump’s tech allies have reacted negatively to including altcoins since most expected the strategic crypto reserve to focus on Bitcoin alone. According to critics, the inclusion of altcoins would complicate the crypto reserve initiative and cause unintended market biases. Including Altcoins Raises Concerns The Head of Alpha Strategies at Bitwise, Jeff Park, is critical of the decision and has called it a grave political miscalculation, warning that including altcoins could raise concerns about Trump’s administration’s favoritism, whether the selection was made objectively or not. Park stated: “[The] big problem here is optics. When you include altcoins whose use case is too nascent to be deemed ‘nationally strategic,’ you risk the assumption of inside dealing even if it were patently false. This is politically negative, even among a subset of crypto enthusiasts.” Another harsh criticism came from Joe Lonsdale, an unabashed supporter of Donald Trump, the billionaire co-founder of AI-focused defense contractor Palantir. In his reply to Trump’s post, he stated: “It should be kept to a minimum. It’s wrong to steal my money for grift on the left; it’s also wrong to tax me for crypto bro schemes.” To the Defense of Trump Coming to the defense of Donald following the skepticism associated with including altcoins in the crypto reserve was venture capitalist Davis Sacks, who has been tapped to become the White House artificial intelligence and crypto czar. Sacks specifically took exception to Lonsdale’s comment, saying it was premature for anyone to jump to conclusions. It should be noted that Lonsdale and Sacks belong to the same conversation circle within the tech world, with other prominent members being Peter Thiel and Elon Musk. Sacks stated on X: “Nobody announced a tax or a spending program […] maybe you should wait to find out what’s being proposed.” Winklevoss Roots for Bitcoin Another Trump supporter who joined the Monday chorus of criticisms is Bitcoin investor Tyler Winklevoss. Last November, the Gemini exchange CEO asked Americans to vote for Trump if they cared about “the future of crypto, free speech, justice, liberty, and democracy.” However, commenting on the inclusion of altcoins, he stated: “I have nothing against XRP, SOL, or ADA, but I do not think they are suitable for a Strategic Reserve […] only one digital asset in the world right now meets the bar, and that digital asset is bitcoin.” Conclusion The reactions that have followed the inclusion of altcoins in the proposed crypto reserve come only a few weeks into Trump’s administration, showing how fast statements can activate the outrage machine. It would be interesting to see how the White House Summit scheduled for Friday in the White House will go, considering that investors are eagerly awaiting the outcome. Frequently Asked Questions (FAQs) What is Trump’s crypto reserve? On Sunday, the US President announced on his Truth Social platform that the federal government would establish a reserve by stockpiling five tokens. What coins are in the crypto reserve? Trump revealed that the “Crypto Strategic Reserve” will include Bitcoin, Ethereum, XRP, Solana, and Cardano. How would a reserve benefit the crypto industry? Supporters believe the reserve could legitimize crypto as a diversification strategy as the industry tries to solidify its standing in traditional market structures. Does Trump have the authority to create a crypto reserve? The President does not necessarily have the authority to modify the federal budget via an executive order. Appendix: Glossary to Key Terms Executive order: A rule or order issued by the President to an executive branch of the government and having the force of law Crypto reserve: A national stockpile of digital assets created under a federal regulatory framework on Digital Asset Markets Bitcoin: A digital currency that operates free of any central control or the oversight of banks or governments Altcoin: A cryptocurrency that is not Bitcoin References News Bitcoin The Hill

The cryptocurrency market faced a large-scale sell-off, with over $1.08 billion in leveraged positions liquidated in the past 24 hours. Traders betting on price increases lost nearly $498 million, while those in short positions accounted for $583.93 million. Ethereum (ETH), XRP, Cardano (ADA), and Solana (SOL) saw significant liquidations, rattling many crypto investors. Data shows Bitcoin (BTC) led the liquidation wave with $415.11 million wiped out, followed by Ethereum at $190.82 million. XRP posted $96.50 million in liquidations, ADA $86.91 million, while SOL trailed closely with $86.76 million. Notably, Binance accounted for the largest single liquidation event, where a BTC/USDT trade valued at $15.49 million was erased. This volatile trading period has also sparked discussion about the proposed U.S. “Crypto Strategic Reserve.” One crypto observer criticized the selection of XRP, ADA, and SOL for the reserve, arguing that these tokens lack real-world utility. Accusations surfaced, claiming XRP is mainly for insider selling, ADA’s founder might have connections to controversial individuals, and SOL has allowed pump-and-dump schemes in the memecoin space. Related: FTX/Alameda Unstakes $432M in SOL Sending Tokens to Exchanges, Adds to SOL Price Pressure Adding to the tension, crypto analyst Marty Party alleged that Binance offloaded its SOL and ETH holdings to settle its Department of Justice (DOJ) fines while making money from futures liquidations. Even Bybit reportedly liquidated markets to recover lost ETH, only to buy it from retail investors at discounted prices. Such actions can reignite distrust toward centralized exchanges and spark calls for greater transparency. The liquidation data issue continues to intensify, with Coinglass urging Binance to publicly disclose all liquidation metrics. Binance restricted liquidation data access in mid-2021, citing potential risks to its perpetual contract business. Previously, former CEO Changpeng Zhao (CZ) had voiced concerns that too much transparency could attract regulatory attention and media-driven market manipulation. However, critics argue that data transparency is a fundamental blockchain principle that should not be compromised. Related: SEC Goes All In on Crypto Task Force: Here’s the Complete List of Key Members Despite skepticism, some traders remain optimistic. Supporters see the current market dip as a natural pause before a bullish rebound. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

The US Securities and Exchange Commission (SEC) looks to be gearing up for a new chapter in its regulatory approach to the cryptocurrency industry. Following years of enforcement-based rules, the SEC is currently scheduled to convene a “Spring Sprint Towards Crypto Clarity” roundtable conference. The event is scheduled to take place over five sessions, with the first meeting on March 21, which will discuss defining securities in the crypto space. 🚨SCOOP: The @SECGov Crypto Task Force is getting ready to hold a series of roundtables with industry participants entitled “Spring Sprint Towards Crypto Clarity,” two people familiar with the matter tell me. The first of the five planned roundtables will be held on March 21 at… — Eleanor Terrett (@EleanorTerrett) February 28, 2025 Although the SEC was once known for being forceful in bringing crypto companies to justice, its strategy now seems to be more receptive to conversation. Besides that, the SEC has stopped looking at numerous big corporations in the sector recently. As previously mentioned in our report , Gemini was at last cleared from a 699-day probe free from additional legal action. Furthermore, closed without any legal action were investigations into OpenSea , Robinhood, and Uniswap. More shockingly, the SEC even dropped its action against Coinbase, seen as one of the most important rulings in the conflict between authorities and the crypto sector. Under pressure from several groups seeking regulatory clarification without always ending up in court, the actions have spurred conjecture that there is a change in strategy inside the SEC. On the other hand, the SEC suffered yet another blow when a federal court dismissed its lawsuit against Hex founder Richard Heart. The SEC charged Heart with running an illicit crypto offering and defrauding investors of $12.1 million, used to purchase luxury items including the biggest black diamond in the world. Judge Carol Bagley Amon in Brooklyn, however, dismissed the case because Heart’s activities lacked sufficient legal link to US jurisdiction. The ruling reflects yet another SEC loss in its attempts to tighten control via legal methods. In another move, the SEC has at last offered new direction on the legal status of meme coins—a subset of tokens sometimes dismissed as a joke or internet craze. In its statement, the SEC underlined that as meme coins offer neither a return, ownership rights, nor representation of future income, they do not satisfy the requirements for securities. Stated differently, assets like Shiba Inu or Dogecoin are more like digital collectibles whose value is just dependent on market demand and speculation. For community-driven initiatives long threatened by the SEC, this choice could be considered as an uplifting moment. On the other hand, a major issue still stands: Should meme coins fall outside the securities category, does this create access to more speculative tokens that would endanger inexperienced investors? Alternatively, is this a hint that the SEC is beginning to choose its fights more deliberately?

Crypto derivatives platform BitMEX is on sale, according to sources familiar with the matter. Reports that the trading platform is seeking a buyer claim that BitMEX has enlisted the services of Broadhaven Capital Partners to help seal a deal. Broadhaven Capital Partners is an investment banking provider that offers strategic and financial services solutions. According to sources, BitMEX is eyeing Broadhaven Capital’s input to get a buyer, per crypto publication CoinDesk, which reported on this development on Thursday, Feb. 27. Two people privy to the plans, the report stated, say BitMEX appointed Broadhaven Capital Partners in late 2024. While BitMEX, founded in 2014, reportedly looks for a new owner, a number of other deals in the space suggests rivals are bidding for further dominance. Some of the top merger and acquisition developments in the space include the tug of war between Coinbase and Kraken for the right to takeover derivatives platform Deribit . Deribit is the world’s leading trading platform for Bitcoin ( BTC ) and Ethereum ( ETH ) options. The Dubai-based platform has recently revealed its plans to expand its services and products to Hong Kong. Meanwhile, the quest for traction in the derivatives market has seen prime brokerage firm FalconX snap up trading firm Arbelos Markets. FalconX’s deal for the platform earlier this year is part of the company’s expansion in the derivatives market. Reports of BitMEX’s plans for a buyer come just over a month after a U.S. judge ordered the exchange to pay a $100 million fine over anti-money laundering violations. The exchange and its founders pleaded guilty to the charges in 2022 and had paid another $110 million. Another guilty plea came in July 2024. Charges stem from a 2020 indictment that saw Arthur Hayes resign as chief executive officer of BitMEX. The U.S. Department of Justice had filed criminal charges against Hayes and his BitMEX co-founders Ben Delo and Samuel Reed. Authorities alleged the derivatives platform has ignored anti-money laundering laws in the pursuit of revenue.

Tron founder Justin Sun has scored a legal victory in a major defamation lawsuit against Sina. On December 31, 2024, The Beijing Internet Court determined that Sina’s earlier claims of insider trading and federal investigations were incorrect and defamatory in nature. After the court’s verdict, Sina issued a public apology on February 7, 2025. They also formally decided against an appeal on February 26, 2025. The media giant has since paid Sun RMB 31,338 in damages, concluding the six-year legal dispute. Sun, the founder of Tron, welcomed the outcome. He pointed out that this ruling establishes a legal precedent against misinformation in the crypto industry. In his post, Sun stated, “The fundamental reason this case took so long was the sheer volume of rumors spread about me. This verdict proves that all allegations against me were false.” He further highlighted how widespread misinformation can affect public perception. He added that his daily efforts aim to challenge biases and encourage positive change in the industry. Related: HTX Hints at Justin Sun & Trump Crypto Ties in Cryptic Post In the English translation, he stated, ” My daily work is to change these prejudices, change our industry, and change the world to make it beautiful and kind to everyone. Today’s victory is not only a victory for my personal reputation but also a victory for the rule of law, justice, and the industry!” In the defamatory article, Sina reported that the FBI and IRS had launched investigations against Sun. These claims circulated widely, generating controversy regarding his business dealings. By choosing not to appeal the latest court ruling, Sina has essentially accepted the judgment. They published an apology on its platform and compensated Sun as ordered by the court. Related: TRON Memecoin Revival? SunPump Sees Surge in Token Activity Sun in his post termed the victory as more than just a personal win. “Today’s victory is not just about my reputation—it is a victory for justice, the rule of law, and the entire industry,”* he stated. The case highlights the ongoing challenges crypto entrepreneurs face in the media landscape, where misinformation can significantly impact reputations. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.