Arthur Hayes Skeptical of Trump's Proposed Crypto Reserve Despite Market Surge

Arthur Hayes, co-founder of BitMEX, expressed skepticism today regarding former US President Donald Trump's announcement of a strategic crypto reserve. Trump stated yesterday that his administration is working to create a crypto reserve including Bitcoin, Ethereum, XRP, Solana (SOL), and Cardano (ADA), causing these cryptocurrencies to surge, with XRP up by 16.40% and Cardano by 46.49% within a day. Hayes doubts the reserve will materialize without congressional approval to allocate funds. He emphasized that Trump needs the US Senate's approval, which is not guaranteed. Meanwhile, Solaxy (SOLX), a Solana Layer-2 solution, is gaining traction with over $24.7 million raised in its presale, offering a 165% APY for early stakers.