In a bold move, former President Donald Trump has expressed his intent to designate five cryptocurrencies for a new strategic reserve, prompting a surge in market prices.
Trump Champions Five Cryptocurrencies for New National Reserve
Trump Champions Five Cryptocurrencies for New National Reserve
Trump's proposal signals a major shift in U.S. cryptocurrency policy, aiming to revitalize the crypto market.
Former President Donald Trump has set the cryptocurrency world abuzz by endorsing five key digital currencies — Bitcoin, Ethereum, XRP, Solana, and Cardano — as part of a proposed U.S. "Crypto Strategic Reserve." This announcement, made on social media, led to notable price increases across the board, with tokens like XRP, SOL, and ADA increasing as much as 62%, while Bitcoin and Ethereum both rose over 10%.
Trump’s engagement with the crypto community during his presidential campaign contrasted sharply with the stringent regulations imposed under his successor, Joe Biden, aimed at combating fraud within the sector. The details of how this new strategic reserve will function remain murky, with further information anticipated during Trump's inaugural Crypto Summit, scheduled for Friday at the White House.
In his statement, Trump mentioned he had signed an order directing the Presidential Working Group to develop regulations for the reserve, which he believes could position the U.S. as "the Crypto Capital of the World." When enacting an executive action to form this working group at the start of his presidency, Trump alluded to the possibility of harnessing cryptocurrencies seized during law enforcement operations for this reserve.
While it’s unclear if establishing this national digital asset stockpile would require legislative approval, Trump's recent shift from skepticism — he previously labeled Bitcoin a "scam" — to advocacy has raised eyebrows, especially following the launch of cryptocurrencies by both him and his wife, Melania Trump, leading some critics to allege self-serving motives behind his White House policy proposals.
The crypto landscape continues to evolve, as enthusiasts and skeptics await the outcomes of this proposed reserve and the potential implications for future regulations.
