'Issue that derails his second term': Trump move met with allegation of 'naked corruption'

Donald Trump over the weekend made a major announcement about cryptocurrency, leading onlookers to accuse the President of "naked corruption."

"A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!" Trump wrote on Sunday before adding, "And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!"

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The response from political observers was swift.

Bloomberg columnist Matthew Yglesias said, "Sorry poor people, no money left for your Medicaid we had to give it to David Sacks so he can use it to manipulate the crypto market for the benefit of handpicked insiders."

Prominent Kamala Harris advocate Armand Domalewski said, "Trump today announced a plan for the United States government to buy exactly the five cryptocurrencies that his crypto advisor, David Sachs, holds."

"Naked corruption," Domalewski then added.

San Francisco start up founder Deva Hazarika said, "'Don’t waste taxpayer money on national parks and weather research!' 'Buy crypto with it instead.'"

Former George W. Bush speechwriter David Frum chimed in, "There's a reason they didn't want the SEC investigating insider trading and self dealing in the crypto scam."

One Trump supporter and investor identified on X as @Jason stated, "My B+ rating for trump’s first month just went to an D — for dumb!"

"How is it strategic at this moment in time to own crypto as opposed to say health care, closing the border or lowering the debt? Also, we can just TAX crypto and put that money in a USCR. Then you don’t have to TAX AMERICANS to buy the bags of the crypto people who donated a HUGE amount of money to Trump," he wrote. "This will be the issue that derails his second term."