BREAKING: Trump Declares ‘Crypto Strategic Reserve’ With XRP, SOL, And ADA

Source Bitcoinist

In what could be a major move for digital assets in the United States, President Donald Trump officially announced on Sunday the establishment of a “Crypto Strategic Reserve.” 

The ‘Crypto Capital Of The World’

This initiative, outlined in his recent executive order on digital assets, aims to include cryptocurrencies such as XRP, Solana (SOL), and Cardano (ADA). 

In his March 2 post, Trump stated: “A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration.” He expressed his determination to position the US as the “Crypto Capital of the World,” reaffirming a campaign promise that has been a cornerstone of his 2024 presidential platform. 

This announcement follows Trump’s earlier executive order titled “Strengthening American Leadership in Digital Financial Technology,” signed on January 23, which outlined his administration’s support for blockchain technology and digital assets.

While the executive order called for the exploration of stablecoins backed by the US dollar and explicitly banned the introduction of a central bank digital currency (CBDC), it did not create a formal US Crypto Reserve. 

Instead, it directed further study on the feasibility of such a reserve, indicating that the concept has been part of Trump’s ongoing discussions since launching his presidential campaign.

Lummis Champions Bitcoin Reserve

While Trump’s proposal focuses on the inclusion of XRP, SOL, and ADA in the proposed reserve, some lawmakers advocate for a Bitcoin-centric approach. 

Senator Cynthia Lummis, a Republican from Wyoming, has been a vocal supporter of establishing a national strategic Bitcoin stockpile. She has introduced a bill calling for the US to acquire 1 million Bitcoin as part of this initiative.

At a recent conference hosted by crypto personality Anthony Pompliano, Lummis acknowledged the slow progress of her proposal, suggesting that it is more likely for a state to implement a Bitcoin strategic reserve before the federal government does. 

“States are incubators of innovation,” she remarked, highlighting the potential for state governments to take the lead in cryptocurrency adoption.

Crypto

At the time of writing, XRP, SOL, and ADA have all seen significant upward movement following Trump’s post. XRP, for example, is trading at $2.88, up nearly 30% in the last hour. Solana has followed a similar surge, with a 20% gain in the last hour, pushing the altcoin above the $170 level.

However, Cardano has been the top gainer in the same time frame, with a 52% surge that has sent its price skyrocketing near the $1 mark. Currently, ADA is trading at $0.98. 

Featured image from BBC, chart from TradingView.com

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ark Invest’s Cathie Wood Predicts Bitcoin To Hit $1.5 Million By 2030 — Here’s WhyCathie Wood, the CEO of asset management firm Ark Invest, has backed Bitcoin (BTC) to achieve a $1.5 million price point by 2030.
Author  Bitcoinist
May 19, Mon
Cathie Wood, the CEO of asset management firm Ark Invest, has backed Bitcoin (BTC) to achieve a $1.5 million price point by 2030.
placeholder
Gold price struggles to lure buyers as easing Middle East tensions offsets weaker USDGold price (XAU/USD) is trading higher during the Asian session on Wednesday and looking to build on the previous day's modest bounce from sub-$3,300 levels, or over a two-week low.
Author  FXStreet
Jun 25, Wed
Gold price (XAU/USD) is trading higher during the Asian session on Wednesday and looking to build on the previous day's modest bounce from sub-$3,300 levels, or over a two-week low.
placeholder
Solana (SOL) Breakout Watch: Price Could Rally Hard Above $150 Level?Solana started a fresh increase from the $125 zone. SOL price is now consolidating gains and aims for more gains above the $150 level.
Author  NewsBTC
Jun 25, Wed
Solana started a fresh increase from the $125 zone. SOL price is now consolidating gains and aims for more gains above the $150 level.
placeholder
Coinbase Hits New All-Time High — Outpaces Bitcoin with 38% Monthly SurgeCoinbase (COIN), the largest U.S.-based crypto exchange, has soared more than 38% over the past month, breaking its previous all-time high set in November 2021.
Author  TradingKey
Jun 27, Fri
Coinbase (COIN), the largest U.S.-based crypto exchange, has soared more than 38% over the past month, breaking its previous all-time high set in November 2021.
placeholder
Gold price declines to fresh two-week low, further below $3,300 ahead of US PCE dataGold price (XAU/USD) attracts fresh sellers following the previous day's directionless price move and slides back below the $3,300 mark during the Asian session on Friday.
Author  FXStreet
Jun 27, Fri
Gold price (XAU/USD) attracts fresh sellers following the previous day's directionless price move and slides back below the $3,300 mark during the Asian session on Friday.
goTop
quote