The White House crypto and AI czar David Sacks has shed more light on Donald Trump’s mention of XRP, Solana, and Cardano as US reserve assets.
President Donald Trump signed an executive order on Thursday evening to create a US strategic reserve for Bitcoin and a digital asset stockpile for other assets. Initially perceived as bullish, the bill sparked widespread speculation in the crypto community, mainly due to certain disclosures.
The order disclosed it would not buy to add to the altcoins in the crypto stockpile. Notably, the president earlier mentioned Ethereum, XRP, Solana, and Cardano as part of the stockpile.
Amid the uproar, crypto czar David Sacks has attempted to clear the air. In an interview with Bloomberg TV, the head of the newly formed White House crypto working committee suggested that the community has overbought the inclusion of the earlier-mentioned altcoins in the national reserve.
Trump Just Mentioned the Top Five
Sacks stated that people are reading a lot of meaning in Trump’s addition of XRP, SOL, and ADA to the crypto reserve. He clarified that the pro-Bitcoin president merely mentioned the top five cryptocurrencies by market cap.
“Well, the president just mentioned the top five cryptocurrencies by market cap, so I think people are reading into this a little too much,” Sacks told Bloomberg when asked why Trump mentioned these altcoins.
Furthermore, Sacks mentioned that the United States does not know which digital asset it owns now; hence, the order requested a full audit of the nation’s portfolios. After the audits, the czar stated that it remains in the office of the Treasury secretary to either keep or sell discovered altcoins in the state’s best interest.
However, this does not apply to Bitcoin, the largest cryptocurrency by market cap. Sacks noted that America would store the asset and pursue budget-neutral funding for more purchases.
US to Explore Crypto Staking or Lending
Moreover, the crypto czar highlighted that the US might explore crypto lending, rebalancing, or staking after discovering all the assets in this purse. Howbeit, he stressed that the executive order’s main objective is to create a proper digital asset management system.
Once the tasked authorities complete the audit, the digital asset team will move the coins to a new wallet for safekeeping. Afterward, the office of the treasury secretary will employ proper portfolio management and stewardship.
Meanwhile, XRP, SOL, and ADA have not fared well following the recent disclosure. The high-caliber assets are down 6%, 4%, and 5.86%, respectively, in the past 24 hours.
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