President Donald Trump is throwing his support after creating a federal reserve of Cryptocurrency’s assets – initially underlining XRP, Solana and Cardano for involvement, later adding Bitcoin and Etereum.
In January, Trump issued an executive order demanding the formation of a working group that would study and make recommendations about cryptocurrency policy, including “the creation and potential maintenance of a national share of digital assets.”
The task force had to “propose criteria for creating such a reservation”, which can be “potentially derived from the Cryptocurrency legitimately seized by the federal government through its efforts to enforce law”.
In a post this morning on his social network social truth, Trump seemed to go further, making it clear that he wants to see the reservation to become a reality.
“A reserve of cryptocurrencies in the US will exalt this critical industry after years of corrupt attacks by the Biden administration, which is why my executive order for digital assets led the presidential working group to move forward in a strategic reserve of cryptos that includes XRP, Sol, and ADA,” Trump wrote. “I will make sure the US is the capital of the world’s crypt.”
While at the time of the morning publication in the morning, the prices of all three of the cryptocurrency mentioned in Trump’s post have increased by 20% or more. Then he wrote in a subsequent post, “and, of course, BTC and Eth, like other valuable cryptocurrency, will be the heart of the reserve. I also love Bitcoin and Etereum!”
As Trump admitted to his post, his executive order seemed to undo the cryptocurrency regulatory framework established by former President Joe Biden.
According to the Trump administration, the Insurance and Exchange Commission has taken a friendly, deregistant attitude towards industry, dismissing its lawsuit against Coinbase and stating that the Memeins are not securities. (The value of Trump’s own currency of Trump has fallen since its inauguration.)
Trump has also signed an executive order demanding the creation of a US sovereign wealth fund for which he said he can be used to buy Tiktok.
This post has been updated to reflect Trump’s following message by mentioning Bitcoin and Etereum.
