Charles Hoskinson Surprised by Cardano's Inclusion in Proposed U.S. National Crypto Reserve
The recent announcement by former President Donald Trump proposing a U.S. national crypto reserve has left many in the cryptocurrency community surprised, with Charles Hoskinson, founder of Cardano (ADA), expressing his own surprise and frustration at discovering that ADA had been included without consultation. Indeed, given that Cardano was selected for the initiative, it is surprising that Hoskinson was excluded from the forthcoming White House Crypto Summit being held on March 7.
Hoskinson's Reaction to the Surprise Announcement
Charles Hoskinson has stated that he "knew nothing about" the inclusion of ADA in the proposed reserve and woke up on March 2 to congratulatory messages but had "no idea what the heck was going on." He further explained that not even a discussion about this plan ever came up, with nobody from the relevant authorities reaching out to Cardano's team. Hoskinson expressed his disappointment through social media, stating that past attempts to participate in discussions around such plans have been met with unfulfilled promises, such as "We'll call you back" or "We'll figure it out."
The Proposed U.S. National Crypto Reserve: A New Development
Former President Donald Trump officially proposed a U.S. national crypto reserve on March 2, adding Bitcoin (BTC) and Ether (ETH) to the list of clear choices for inclusion as part of the reserve. However, some assets coming under scrutiny, such as XRP (XRP), Solana (SOL), and Cardano (ADA), left the crypto community surprised by their unexpected inclusion.
Crypto Community Reacts to the Proposal
The proposal has triggered debate among experts, with some arguing that the inclusion of altcoins suggests a U.S. government playing a long game with regulation, departing from the traditional Bitcoin-first institutional push. Others are skeptical about the viability of including alternative tokens in government reserves due to risk and volatility concerns.
JP Morgan Analysts Weigh In on the Proposal
In a recent statement, JP Morgan analysts told The Block that a strategic U.S. crypto reserve is unlikely. They further believe that XRP, SOL, and ADA are difficult to include due to their high-risk profiles and volatility. This sentiment reiterates skepticism over the broader adoption of alternative tokens into government reserves and suggests that if expansion occurs, it will most likely only include BTC and ETH.
Conclusion
The inclusion of Cardano (ADA) in the proposed U.S. national crypto reserve without consultation has left many in the cryptocurrency community surprised and disappointed. Charles Hoskinson's reaction to this development highlights the lack of transparency and communication between government authorities and key stakeholders in the industry. As debate continues over the viability and implications of a U.S. national crypto reserve, it remains to be seen how this proposal will ultimately shape the regulatory landscape for cryptocurrencies.
As experts weigh in on the potential risks and benefits associated with such an initiative, one thing is clear: the future of cryptocurrency regulation in the United States hangs in the balance, with far-reaching implications for the industry as a whole.