Arthur Hayes, former CEO of crypto exchange Bitmex, published an essay on Feb. 5, where he critiques the idea of a U.S. Bitcoin Strategic Reserve (BSR) and regulatory policies surrounding crypto under the Trump administration. He argues that many in the crypto industry mistakenly believe government intervention will benefit them, stating: “Broadly speaking, many misguided crypto folks wish for the U.S. government to print dollars and purchase bitcoin as part of a national stockpile and to enact regulatory moats around crypto businesses in which they have a financial interest.”

Hayes warns that government-controlled bitcoin reserves would be subject to political whims rather than sound financial strategy.