Former U.S. President Donald Trump has announced the inclusion of XRP, Solana (SOL), and Cardano (ADA) in a proposed U.S. strategic crypto reserve. The move, revealed on his social media platform Truth Social, aims to establish the United States as a global crypto leader.
Bitcoin and Ethereum Left Out
In a surprising twist, Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market capitalization, were excluded from the reserve. Trump criticized the Biden administration’s stance on digital assets, stating that his executive order on digital assets directs the Presidential Working Group to move forward with a crypto reserve including XRP, SOL, and ADA.
Market Reaction and Price Surge
Following the announcement, XRP, SOL, and ADA saw significant price surges, reflecting investor optimism about their potential role in U.S. financial strategy. This marks a stark contrast to past regulatory scrutiny faced by these assets, particularly XRP, which has been entangled in legal battles with the SEC.
Legislative Efforts and Future Implications
The concept of a national crypto reserve is not entirely new. Sen. Cynthia Lummis previously proposed a bill advocating for a Bitcoin reserve, suggesting the U.S. Treasury acquire one million BTC over five years. However, Trump’s approach diverges by focusing on alternative cryptocurrencies.
With U.S. states exploring their own crypto reserves, Trump’s endorsement of XRP, SOL, and ADA could reshape the regulatory landscape and influence global crypto adoption. The next steps will depend on policy execution and potential legislative hurdles.
Leave a Reply