Tron founder Justin Sun has declared that Wrapped Bitcoin (WBTC) has effectively become the United States’ national Bitcoin reserve.

The statement comes amid an inadvertent feud between two Bitcoin wrappers- Bitgo’s WBTC and Coinbase’s cbBTC, with Donald Trump’s DeFi project expressing a vested interest in the former.

Is WBTC the De Facto US National Bitcoin Reserve?

The Tron founder took to social media to explain his perspective, articulating the favor WBTC continues to enjoy from Donald Trump-backed DeFi project, World Liberty Financial (WLFI).

“WBTC has become the US national Bitcoin reserve in name. Is there any president other than Donald Trump who diligently buys Bitcoin daily? Trump is ‘the one and only Bitcoin president,’” Sun wrote.

Sun’s comments draw from a recent purchase by World Liberty Financial, which is highly endorsed by the Trump family. Lookonchain reported that the DeFi project acquired an additional 94.94 WBTC valued at $9.84 million on Thursday.

Spot On Chain corroborated, adding that in three days, the fund had invested $56.82 million in 534.1 WBTC at an average price of $106,379.

“The Trump team has chosen WBTC and decided to support it through action once again,” Wrapped Bitcoin’s official X account quipped.

In December, the DeFi venture cleared its cbBTC portfolio of 102.9 tokens worth $10.4 million to acquire 103.15 WBTC. The following day, Sun was named an advisor to WLFI. This highlights Sun’s growing interest in the DeFi project and the growing relationship between WLFI and WBTC.

Drawing references to these shows of preference, Justin Sun took a jab against Coinbase, citing its lack of transparency and specifically targeting its Proof of Reserves (PoR) practices. He also referred to the crypto adage, “Not your keys, not your coins!”

“Relying on Coinbase’s zero Proof of Reserves product means your BTC could be frozen or confiscated anytime. It’s entirely at the mercy of Paul Grewal [Coinbase CLO]. If he likes you, you’re safe. But if he doesn’t? Game over. That’s not how a secure blockchain infrastructure should operate—especially at the presidential level. So cbBTC was out,” Sun explained.

The Tron founder continues to emerge as a vocal advocate of WBTC, particularly after BitGo’s custody overhaul.

Its new multi-jurisdictional and multi-institutional custody model emphasizes security through decentralization, which, according to Sun, is a stark contrast to Coinbase’s approach. This fuels Sun’s criticism of cbBTC.

“cbBTC lacks Proof of Reserve, no audits, and can freeze anyone’s balance anytime. Essentially, it is just ‘trust me.’ Any US government subpoena could seize all your BTC,” Sun wrote last September.

Overall, Coinbase’s cbBTC and BitGo’s WBTC have since grown to be market rivals over the past several months. Coinbase’s recent suspension of WBTC trading has only intensified competition.

The exchange now faces a lawsuit alleging anti-competitive practices regarding WBTC.

Senator Cynthia Lummis has laid the groundwork for the upcoming development of Bitcoin in the United States. As an avid supporter of cryptocurrency, Lummis has worked very hard for years to integrate digital assets into the financial system of the country, and every statement seems to be underlining what has been done so far in terms of crypto regulation. Under her leadership, Bitcoin is on the verge of being recognized as a key component of the national economy.

Lummis’ Vision For Bitcoin

Lummis is however looking beyond investment in Bitcoin and seeing it as a key ingredient in the financial future of the US. Ongoing efforts span legislation that would foster a nurturing environment for crypto technologies to grow.

Taking a proactive posture, Lummis has indicated that she believes, in the future, Bitcoin could quite possibly provide an alternative means to decentralized financial systems for the unbanked population.

So great to meet with David Bailey. The future for Bitcoin and digital assets in America has never been brighter. pic.twitter.com/m2apTVpFVO

— Senator Cynthia Lummis (@SenLummis) January 21, 2025

Changing Regulatory Landscape

Certainly, one of the most pertinent things she said is that she would work towards having a crypto regulation that seeks a balance between innovation and transparent oversight. It should lessen the barriers for institutions and encourage greater integration into the mainstream financial services ecosystem.

This could open more doors for Bitcoin adoption into both sectors-public and private-in light of the recent developments with regard to regulatory measures.

Institutional Interest Grows

The increase in interest from institutional participants in Bitcoin and other currencies is also noted. Crypto platforms like CryptoCom have invested heavily in rolling out services targeting institutional investors because they simply acknowledge the need for Bitcoin in the wider financial ecosystem.

Lummis, also known as the “Bitcoin Senator,” has declared 2025 to be a critical year for Bitcoin and cryptocurrency. She anticipates that a number of proposed policies and critical government positions will coalesce and precipitate change.

Most Pro-Crypto Admin?

“This will be the most pro-digital asset administration ever,” Lummis recently wrote on X, with David Sacks serving as Crypto Czar. “I am eager to collaborate with [Sacks] to ensure the successful passage of comprehensive digital asset legislation and my strategic bitcoin reserve.”

Proposed Bitcoin Reserve bill. Source: US Congress

Lummis’ enthusiasm is the result of a recent reorganization of key government officials, which includes the appointment of a new SEC head, prior to Donald Trump’s reelection.

The “Bitcoin Act,” also known as the “Boosting Innovation, Technology, and Competitiveness Through Optimized Investment Nationwide Act,” is integral to the Senator’s vision.

She characterized the legislation as “a network of secure storage vaults, purchase program, and other programs to ensure the transparent management of Bitcoin holdings of the federal government.” The legislation proposes the establishment of a Strategic Bitcoin Reserve.

Featured image from Inc. Magazine, chart from TradingView

Elon Musk, who leads President Donald Trump’s Department of Government Efficiency (D.O.G.E), has committed to exploring the pardon of ‘Bitcoin Jesus’ Roger Ver.

It comes after US President Trump recently granted Ross Ulbricht, the founder of the Silk Road, clemency.

Elon Musk to “Inquire” on Roger Ver’s Pardon

Ross Ulbricht’s presidential pardon has ignited a spirited online campaign for the pardon of Roger Ver, another high-profile figure in the crypto arena. As BeInCrypto reported, Ulbricht’s full and unconditional pardon on Tuesday was widely celebrated. Trump called his previous sentence of two life terms “ridiculous.”

Amid the celebratory discussions, however, attention quickly shifted to Bitcoin Jesus. Ray Youssef, an executive at the crypto platform Noonesapp, was among the first to call for Ver’s release.

“Ross is free. A full unconditional pardon has been signed. Thank God. Don’t forget Roger Ver and all the builders who have been through hell,” Youssef said.

Roger Ver was a vocal proponent of Bitcoin Cash and an early adopter of cryptocurrency. He faced legal troubles over tax evasion allegations. Nine months ago, US authorities accused Ver of owing $48 million in taxes, allegedly stemming from his expatriation process.

Ver challenged these charges two months ago, asserting that he relied on expert advice to ensure compliance with the law. His defense also cited constitutional violations, including claims that privileged communications with his legal team were subpoenaed. Critics have argued that this represents overreach and a troubling precedent for attorney-client privilege.

“Please look into a pardon for Roger Ver. That privileged communications with his lawyers were subpoenaed is a terrible precedent for privacy and the ability to defend oneself,” said Naomi Brockwell, founder of Ludlow Institute.

They also say potentially exculpatory evidence was withheld during grand jury proceedings. Meanwhile. Angela McArdle, chair of the Libertarian National Committee, also expressed her support for Ver’s release. Following these calls, Elon Musk said he would inquire about it.

“Will inquire,” Musk tweeted.

Ver’s supporters argue that a pardon would correct a perceived injustice and reinforce the principles of privacy and due process. The parallels with Ulbricht’s case highlight the dangers of excessive sentencing and systemic government overreach. Taken together, these have strengthened the calls for Ver’s pardon.

Elon Musk’s acknowledgment of the issue has brought renewed attention to the case, potentially amplifying the push for clemency. Many hope that his platform, D.O.G.E, and influence will pressure leaders to address what they see as an unjust precedent. This is amidst a broader campaign for freedoms essential to innovation and prosperity in the cryptocurrency space.

“Roger Ver deserves a pardon to liberate him from the malicious prosecution he still faces–lawfare that threatens to take his freedom for 109 years for an exotic crime he *clearly* did not commit. Pardoning Roger is the strongest signal the President could send that Biden’s war on crypto is over. Please, President Trump, Free Roger Ver,” Bret Weinstein lamented.

Meanwhile, others see Bitcoin Jesus’ case as emblematic of the tension between individual liberties and state power.

“Also (preemptively) Roman Storm while you’re at it please Elon Musk. Publishing open-source privacy tools is an act of free speech — not an act in furtherance of a conspiracy. Whatever crimes committed with the software — developers should not be held vicariously liable for them,” another user added.