Trump Proposes Establishing a Crypto Strategic Reserve

Former President Donald Trump has voiced support for establishing a federal reserve of cryptocurrency assets. Initially, he highlighted XRP, Solana, and Cardano for inclusion, later clarifying that Bitcoin and Ethereum would “obviously” be part of the reserve as well.

However, in January, Trump issued an executive order calling for a working group to explore crypto policy and assess “the potential creation and maintenance of a national digital asset stockpile.” The group was tasked with developing criteria for such a reserve, which could include cryptocurrencies lawfully seized by the federal government through enforcement actions.

On Sunday morning, Trump took to Truth Social to push the idea further, emphasizing his commitment to making the reserve a reality.

Trump Pushes for a U.S. Crypto Reserve

“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration,” he wrote. “That’s 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 make sure the U.S. is the Crypto Capital of the World.”

Following his post, the mentioned cryptocurrencies surged by 20% or more. Later, he followed up by affirming that Bitcoin and Ethereum would be central to the reserve, adding, “I also love Bitcoin and Ethereum!”

Trump’s initiative appears aimed at reversing the crypto regulatory approach established under President Joe Biden’s administration.

A Deregulatory Shift in Crypto Policy

In fact, under the Trump administration, the Securities and Exchange Commission has adopted a more lenient, deregulatory approach toward the crypto industry, dropping its lawsuit against Coinbase and ruling that memecoins are not classified as securities. (Meanwhile, the value of Trump’s own $TRUMP coin has sharply declined since his inauguration.)

Additionally, Trump has signed an executive order proposing the establishment of a U.S. sovereign wealth fund, which he suggested could be used to acquire TikTok.

This post has been updated to include Trump’s follow-up statement acknowledging Bitcoin and Ethereum.

Read the original article on: TechCruch

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