This recent crypto price uptick, especially for altcoins, driven by talk of a U.S. strategic crypto reserve, feels overly optimistic to me—and I expect it to cool once the market gets clarity on timing and specifics. Let me explain: Creating a strategic reserve will likely require Congressional approval, and its components—distinct from a simple stockpile of seized assets (see definitions below)—will need to be detailed to address: 1) asset allocation and distribution (e.g., which cryptocurrencies and in what proportions), 2) holding periods (e.g., short-term vs. long-term commitments), 3) amount held relative to each asset’s total supply (e.g., 1% of Bitcoin’s 21 million coins), 4) market integrity measures to prevent large price swings or front-running (e.g., caps on daily transactions), and 5) asset protection, likely involving selected crypto custodians (e.g., Coinbase or Anchorage), banks (e.g., BNY Mellon), or multiple providers to avoid a single point of failure. My view is that this process will take longer than the market anticipates. Trump may be leveraging his social media presence to set out his initial terms for Congress, aiming to negotiate backward toward a compromise. However, roadblocks and revisions to the draft proposal are likely, leading to delays that could temper the current hype. Curious what folks think: @ramahluwalia @NoelleInMadrid @laurashin @krugermacro