A mathematician outlines the quiet revolution that will shape a decentralized future: An interview with Charles Hoskinson, founder of Cardano

Could you share your candid thoughts on the strategic Bitcoin reserves and stockpiling of digital assets in the United States?

Charles Hoskinson: In a word, it's chaotic. I met Mr. Trump before he became president, at the SALT Conference in October 2024, as part of his transition team. I asked him what would happen to the U.S. cryptocurrency policy if he were elected. He explained that he planned to appoint a 'Crypto Czar' and set up a specialized team.

Subsequently, Mr. Trump spoke at the 'Bitcoin 2024' conference organized by Dave Bailey, where he made some very bold statements, including the abolition of taxes on cryptocurrencies and a pardon for Ross Ulbricht. The idea of 'national cryptocurrency reserves' also emerged around this time.

Months later, a 'Crypto Czar' has indeed been appointed, and a bipartisan working group has been established in both houses. The federal government, a massive entity with trillions of dollars and millions of people, is genuinely trying to make a move.

What's most notable is the pledge that the U.S. government will officially hold cryptocurrencies. Realistically, the president does not have the legal authority to order the federal government to purchase BTC, ADA, or XRP. What he can do is instruct them not to sell any cryptocurrencies they already own.

Typically, the government acquires cryptocurrencies through civil asset forfeiture, where law enforcement agencies seize assets involved in illegal activities and usually sell them on the market.

However, the recent executive order has taken the first step into a 'stockpiling phase' by keeping these assets instead of selling them. Additionally, a bill promoted by Republican Senator Cynthia Lummis includes a plan for the U.S. government to purchase up to one million BTC.

Of course, whether this bill will pass the committee and become law remains unclear. However, it is true that the current administration is very positive about cryptocurrencies.

Indeed, the symbolic withdrawal of SEC lawsuits against Coinbase, Kraken, and Ripple, as well as regulatory rollbacks under the Biden administration, are progressing behind the scenes. Whether these will be legislated will become clear within the next 100 to 200 days.