Arthur Hayes, former CEO of BitMEX, criticized US President Donald Trump's proposed Bitcoin Strategic Reserve (BSR) in his essay series "The Genie." Hayes argued that politicians would use BTC for short-term gains, causing price instability. He also questioned the seriousness of the US government as a BTC custodian and warned that BTC would be weaponized once in government hands. Hayes proposed devaluing US Treasuries and shifting to BTC as a global reserve asset, suggesting that this would stabilize the financial system. He also called for legislation that protects public blockchains as free speech and proposed integrating stablecoins into social media platforms. Hayes advised the crypto community to fight for better regulations and understanding instead of relying on political favors.



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