Trump's Crypto Reserve: Bitcoin, Ethereum & More!
Hold on to your hats, crypto enthusiasts! Donald Trump is making waves again, this time with a proposal for a U.S. Crypto Reserve. Initially, the plan highlighted XRP, Solana (SOL), and Cardano (ADA) as potential components, but it quickly expanded to include the big players: Bitcoin (BTC) and Ethereum (ETH).
Back in January, Trump issued an executive order pushing for a working group dedicated to shaping crypto policy. A key aspect of this initiative was exploring "the potential creation and maintenance of a national digital asset stockpile." This stockpile would potentially be fueled by cryptocurrencies seized by the Federal Government through law enforcement.
Trump took to Truth Social to express his vision: "A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration... I will make sure the U.S. is the Crypto Capital of the World."
Following Trump's initial post mentioning XRP, SOL, and ADA, these cryptocurrencies experienced a price surge of 20% or more! He later clarified his stance in a follow-up post, stating that BTC and ETH would also be central to the reserve, adding, "I also love Bitcoin and Ethereum!"
This initiative appears to be a move to counter the crypto regulatory approach established by the Biden administration. Under Trump, the SEC has adopted a more lenient stance, even dismissing the lawsuit against Coinbase and suggesting that memecoins might not be securities. (Though, it's worth noting that the value of Trump's own $TRUMP coin has taken a dip since his inauguration.)
Trump's vision extends beyond crypto, as he's also advocated for a U.S. sovereign wealth fund, even suggesting it could be used to acquire TikTok.
Source: TechCrunch