Jake Chervinsky, a prominent lawyer and chief legal officer at digital asset manager Variant, has weighed in on President Donald Trump's recent executive order to establish a strategic Bitcoin reserve and digital asset stockpile. While Chervinsky acknowledges that these initiatives could be beneficial for the U.S., he argues that they are not enough to position the country as the global crypto capital. According to him, achieving this goal requires a broader and more comprehensive approach that goes beyond simply holding crypto assets.

Chervinsky shared his thoughts on X, emphasizing that for the U.S. to truly lead in the crypto space, it needs to implement policies that empower entrepreneurs to develop protocols and products within the country. He stressed that being the "crypto capital" is not just about holding the most crypto wealth compared to other nations. Instead, it’s about fostering innovation, creating jobs, driving economic activity, and exerting influence on the global stage. To achieve this, Chervinsky believes the government must actively support crypto businesses, not just accumulate digital assets.

His comments come ahead of the White House’s upcoming Crypto Summit, where the Trump administration is expected to outline its vision for the future of cryptocurrency in the U.S. Chervinsky’s perspective highlights the need for a regulatory environment that encourages innovation and entrepreneurship, rather than focusing solely on asset accumulation. Without such policies, he argues, the U.S. risks falling short of its ambition to become the global leader in the crypto industry. 

Chervinsky’s critique underscores the importance of balancing strategic reserves with proactive support for the crypto ecosystem. As the U.S. moves forward with its crypto initiatives, the focus will likely shift to how well the government can create an environment that nurtures innovation and economic growth in the digital asset space.