Former President Donald Trump is backing the idea of a national reserve of cryptocurrency assets. Initially, he highlighted XRP, Solana (SOL), and Cardano (ADA) as key assets to be included. Later, he clarified that Bitcoin (BTC) and Ethereum (ETH) would “obviously” be part of the reserve as well.
In January, Trump issued an executive order directing the formation of a working group to explore cryptocurrency policies. The group was tasked with studying the โpotential creation and maintenance of a national digital asset stockpile.โ It was also expected to propose guidelines for establishing such a reserve, potentially using cryptocurrency assets lawfully seized by the federal government.
Trump confirms support for the reserve
On Sunday morning, Trump took to his social media platform, Truth Social, to emphasise his commitment to making the reserve a reality.
โA U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration,โ Trump wrote. โThis 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 ensure the U.S. is the Crypto Capital of the World.โ
Shortly after his announcement, XRP, SOL, and ADA prices surged by more than 20%. Later, Trump posted another message, stating, โAnd, obviously, BTC and ETH, as other valuable cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!โ
A shift in U.S. crypto policy
Trumpโs move appears to be a direct reversal of the regulatory approach taken under President Joe Biden. During Bidenโs presidency, cryptocurrency regulations tightened, with increased scrutiny from the Securities and Exchange Commission (SEC). In contrast, Trumpโs administration has adopted a more lenient approach, dismissing the SECโs lawsuit against Coinbase and ruling that memecoins are not classified as securities.
Trump has also pushed for a U.S. sovereign wealth fund, which he suggested could be used to purchase TikTok. His stance on digital assets signals a significant shift in U.S. crypto policy, aiming to establish the country as a global leader in the industry.
