Washington, DC — On Sunday, President Donald Trump named some digital tokens he expects to include in the so-called U.S. Crypto Reserve. Demand Progress Education Fund has previously warned about the glaring conflicts of interest and corruption that Trump’s cryptocurrency plans pose.
The following is a statement from Demand Progress Education Fund Communications Director Eric Naing:
“This proposal sets a new low for transactional politics. The administration has made it clear there’s no limit to what it’s willing to give the crypto industry—regardless of the costs to taxpayers, investors or the financial system as a whole. President Trump just mentioning the reserve led lagging crypto prices to shoot up overnight. Current crypto holders will be able to exploit this moment to sell high, and if Trump’s plans continue, leave the federal government as the buyer of last resort.
A U.S. Crypto Reserve would only serve to bail out crypto speculators who have donated millions to the Trump campaign and inauguration, as well as further boost the Trump family’s own crypto investments. If this continues, the Trump administration will waste billions of taxpayer dollars on a soon-to-be worthless asset, just like the millions of Americans who were lured into predatory crypto markets by star-studded Super Bowl commercials or Trump supporters who were lured into buying his predatory meme coin.”
Additional context:
- Conservatives have traditionally hated the idea of strategic reserves, claiming they are a waste of taxpayer dollars and interfere with free market dynamics.
- The assets named here are not only speculative assets like Bitcoin, but specific crypto assets issued by specific platforms.
- Fast Company: “The value of Trump’s memecoin has dropped more than 75% since inauguration”
- Mark Hays, Associate Director of Cryptocurrency and Financial Technology at Demand Progress Education Fund and Americans for Financial Reform, is available for comment.