Jan3 CEO Samson Mow has warned against the incorporation of altcoins in the US crypto reserve. Mow has warned Donald Trump that if he incorporates altcoins into the reserve, it might cause speculative trading.
According to Mow, the reserve strategy may turn cryptocurrency into a purely speculative game if it carelessly blends other cryptocurrencies like XRP, SOL, ADA, and ETH.
The statement comes at a time when many influential market participants have criticized Donald Trump over the crypto reserve plan, with some having issues with the preference for US-based tokens.
Mow Gives Better Alternatives for US Crypto Reserve
According to Mow, a true strategy ought to give proof-of-work assets like Bitcoin, LTC, and XMR first priority. Should Trump’s cryptocurrency reserve deviate from its current trajectory, he cautioned, the United States may see “unprecedented degradation.”
He is especially worried about the possibility of market manipulation since he thinks that allowing Trump to select any cryptocurrency at whim would open doors for insiders and lobbyists.
Mow’s Worries About US Crypto Reserve In Tandem With Other Influential Voices
Samson Mow’s concerns regarding the US crypto reserve echo the larger issues that market participants have at present.
Just previously, Ki Young Ju, the CEO of CryptoQuant, made some startling claims about the United States controlling the cryptocurrency market.
Ki Young Ju addressed the topic of Donald Trump prioritizing US-based cryptocurrency in the US Crypto Reserve. It’s interesting to note that since he took office, Donald Trump has been under fire from several market participants for his prejudice against US-based cryptocurrency companies.
“Anything that helps Trump and serves the national interests of the United States is no longer illegal,” he continued. “One thing was made clear: “Follow the Trump administration’s agenda and contribute to U.S. national interests,” even though the market was opened without appropriate rules against activities like rug pulls.
Ki Young Ju’s annoyance reflects a widespread concern that the US government may eventually take control of the cryptocurrency market’s feelings, undermining the very idea it was created to address.
Donald Trump’s Approach Might Hinder International Cooperation
Donald Trump has faced criticism for allegedly favoring American cryptocurrency businesses over those in other countries. His public statements and policies appear to favor domestic crypto companies, which may hinder global innovation and competition.
Critics contend that Trump’s strategy is excessively protectionist and prioritizes particular businesses with ties to American interests, despite his support for the growth of the bitcoin industry in the United States.
The pushback stems from worries that this type of favoritism could lead to unfair business benefits.
Additionally, critics argue that this approach will hinder international collaboration and alienate foreign cryptocurrency companies, both of which are essential to the decentralized nature of blockchain and cryptocurrencies. Trump’s stance has sparked debate over how the government ought to regulate and impact the growth of virtual currency.
Also Read: Cardano Founder Praises XRP, Justifies Its Place In Trump’s U.S. Reserves List