President Donald Trump’s decision to establish a Strategic Bitcoin Reserve (SBR) and a national crypto stockpile has stirred debate among industry leaders. While some view it as a step forward, critics argue that it falls short of making the United States the global hub for cryptocurrency innovation.

A Bold Move, But Not a Complete Solution

Jake Chervinsky, chief legal officer at Variant, supports the SBR as a positive step for US fiscal policy and crypto markets, but warns that true leadership requires more than accumulating Bitcoin. He stresses that regulatory clarity, innovation-friendly policies, and support for blockchain development are critical.

Here is his full thread:

1/ The Reserve and Stockpile are likely good for US fiscal policy and market prices, but neither are enough to make the USA the crypto capital of the world.

For that, we need new policies empowering entrepreneurs to launch protocols and products made in the USA.

Here’s how 🧵 

2/ 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, government must support businesses, not just assets. 

3/ The Biden administration did this exactly wrong.

It tried to drive the industry out of the USA by making it impossible for crypto companies to do business here. FDIC et al. tried to debank us. SEC et al. tried to regulate us to death. DOJ et al. tried to imprison our devs. 

4/ The Trump administration can do it right.

The President has already undone some of this damage, such as by mandating the end of debanking and regulation by enforcement via executive order. The SEC is dropping cases and investigations, and the door is open for real progress. 

5/ 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. 

6/ What are the top priorities? I’ll give you five:

FIRST, stablecoin legislation. It’s inarguable that stablecoins are a big improvement on traditional payment rails, a bigger benefit for US dollar dominance, and a catalyst for onchain activity. This is a no-brainer. Let’s go. 

7/ SECOND, market structure legislation.

Nothing would bring clarity, credibility, and energy to crypto like comprehensive US regulation for primary issuers and secondary market participants. It’s a heavy lift, but it’s the holy grail and worth every bit of effort to achieve. 

8/ THIRD, a securities safe harbor for token issuance.

In lieu of (or addition to) market structure legislation, the SEC should provide a pathway for entrepreneurs to launch tokens in clear compliance with securities laws. This is hopefully project #1 for the Crypto Task Force. 

9/ FOURTH, protections for banking access.

Operation Chokepoint 2.0 proved that prudential regulators are the biggest unchecked threat to any lawful industry in the USA. We need strong safeguards in place so nobody, crypto or otherwise, can be made victims of a Chokepoint 3.0. 

10/ FIFTH, protections for noncustodial software developers.

Even now, DOJ argues that crypto devs are *criminals* operating unlicensed money transmitting businesses even if they have no control over user funds. Self-custody is sacred. So are devs. Section 1960 must be fixed. 

11/ The White House has already done a huge amount for crypto in a very short time. Now it’s time to play the long game.

Crypto Summit Focuses on Regulations

Trump’s White House Crypto Summit gathered top financial leaders, tech executives, and policymakers to discuss the future of digital assets in the US. While the summit highlights a growing recognition of crypto’s importance, the lack of clear regulations and support for blockchain businesses remains a concern.

As of today, the global digital asset market cap stands at $2.78 trillion, reflecting a strong market response but also highlighting the need for policy clarity to sustain long-term growth.

Can the US Keep Up? Other Countries Are Moving Fast

Nations like Singapore, UAE, and Switzerland have already implemented pro-crypto regulations, attracting talent and investment. Many US-based crypto firms are considering relocation due to unclear policies and regulatory hurdles.

What’s Next?

  • If the US wants to lead in crypto, it needs more than a Bitcoin stockpile—it needs clear, innovation-friendly policies.
  • The crypto industry will closely watch how the government shapes regulations after the summit.
  • A comprehensive framework could determine whether the US remains competitive or loses ground to faster-moving nations.

Related: Crypto Summit: Trump said ‘war on crypto is over,’ but was it enough?