David Sacks of the White House “Crypto” said that the market “read a little too much” in the mention of President Donald Trump of Solana (Sol), Cardano (ADA) and XRP for the stock of the American digital asset.
During an interview with Bloomberg Technology, Sacks said:
“The president has just mentioned the first five cryptocurrencies by market capitalization. So I think that people read a little too much, it has just mentioned the first five. »»
He also revealed that the stock includes measures to take or sell the altcoins held there.
Altcoin audit
Sacks said the United States government would audit its cryptographic participation and will check the altcoins stored with the authorities. After sorting the Altcoin amounts, the government will move each piece in addition to Bitcoin (BTC) to the Stock for Guard.
Sacks said the United States is currently holding around 200,000 BTC and some Ethereum (ETH), but it is not sure.
On March 2, Trump mentioned Sol, ADA and XRP during the discussion of the creation of a “cryptographic strategic reserve”. He officially became the stock of the American digital asset on March 6, when the president signed a decree In this area while simultaneously creating a Bitcoin strategic reserve.
Employed and rebalancing
Sacks stressed that Scott Bessent, secretary of the US Treasury, will then have a “responsible management” on the altcoins held by the stock.
This includes the discretion to rebalance the Altcoin portfolio in the best interest of American citizens and potentially to mark out.
The bags explained:
“The secretary of the Treasury and his team will be able to exercise management of the portfolio and responsible management. And yes, that could include the stake, it could include rebalancing, it could include sales. »»
However, he said that this justification will not be applied to the Bitcoin Strategic Reserve.
The reserve consists of Bitcoin seized by criminal and civil confiscation, preventing its sale, and the bags said that the United States wanted a long-term strategy to maximize the value of its BTC participations.
While stressing that the United States considers Bitcoin as “rare, precious and strategic to hold” as a long-term reserve asset, he said:
“The bitcoin that we want to keep in the long term, so there is a difference there in the goal. With the reserve, the objective is long -term preservation; With the stock, the objective is responsible management, the management of the asset portfolio. »»
