President Donald Trump has announced his support for the creation of a federal reserve of cryptocurrency assets, marking a shift in U.S. crypto policy.
In a post on Truth Social, Trump emphasized the inclusion of cryptocurrencies like XRP, Solana (SOL), and Cardano (ADA) in the reserve, further stating that Bitcoin (BTC) and Ethereum (ETH) would “obviously” be part of the initiative as well.
Trump’s endorsement comes after issuing an executive order in January, calling for the formation of a working group to study and recommend crypto policy, including the creation of a national digital asset stockpile.
The executive order directed the formation of a working group to propose criteria for a national crypto reserve, potentially built from cryptocurrencies seized by U.S. law enforcement. This initiative aims to elevate the cryptocurrency industry, which Trump claims has been undermined by the Biden administration’s regulatory stance.
In his post, he promised that the U.S. would become the global leader in cryptocurrency, positioning the country as the “Crypto Capital of the World.”
Trump’s push for a crypto reserve is seen as a move to reverse the regulatory framework established under the Biden administration, which has taken a more cautious approach to cryptocurrency. The Securities and Exchange Commission (SEC) under Biden has been more aggressive, including pursuing lawsuits against major exchanges like Coinbase. In contrast, the Trump administration had favored a more deregulated environment, dismissing actions such as the SEC’s lawsuit against Coinbase and clarifying that memecoins are not securities.
Following Trump’s announcement, the value of the cryptocurrencies he mentioned, including XRP, Solana, and Cardano, surged by over 20%. Trump’s post also highlighted the significant role Bitcoin and Ethereum would play in the reserve, reinforcing his enthusiasm for these digital assets.
His remarks seem to demonstrate a broader strategy to revamp U.S. cryptocurrency policy, positioning it in direct contrast with the more restrictive stance taken by the current administration.
Trump has been pursuing other bold initiatives, such as calling for a U.S. sovereign wealth fund, which he suggested could be used to purchase TikTok. These moves indicate Trump’s intent to shape U.S. economic policy around emerging technologies and global digital trends, asserting his vision for a future where the U.S. leads in both crypto and tech innovation.