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U.S. President Names XRP, Solana, and Cardano for Strategic Crypto Reserve
Trump’s Announcement on Truth Social
U.S. President Donald Trump has announced that he will include XRP, Solana (SOL), and Cardano (ADA) in the strategic crypto reserve, providing the first details about what this reserve may look like.
Not Included: Bitcoin and Ethereum
Not included were Bitcoin (BTC) or Ethereum (ETH), the two largest digital assets by market capitalization. Trump made the announcement on Truth Social, his social media platform.
Executive Order on Digital Assets
“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is 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,” the post said. “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
Background on the Executive Order
The executive order, signed in January, directs his working group to evaluate a crypto reserve, but did not explicitly call for the U.S. to create one outright. However, Trump has been discussing the idea since the 2024 presidential campaign.
Previous Efforts to Create a Crypto Reserve
Sen. Cynthia Lummis has previously introduced a bill to create a strategic bitcoin reserve for the U.S., and has advocated for it since Bitcoin Nashville, where Trump also spoke. A number of U.S. state legislatures have already introduced bills to create their own crypto reserves, though these efforts have faltered in several.
Conclusion
The inclusion of XRP, Solana, and Cardano in the strategic crypto reserve marks a significant step forward for the industry. With the executive order directing the Presidential Working Group to evaluate a crypto reserve, it is likely that we will see more developments in the coming months. As the U.S. looks to establish itself as the “Crypto Capital of the World,” it is crucial that we stay informed about the latest developments in the space.
FAQs
- What is the strategic crypto reserve? The strategic crypto reserve is a proposal to create a reserve of digital assets, specifically XRP, Solana, and Cardano, to elevate the critical industry and make the U.S. the “Crypto Capital of the World.”
- Who is included in the reserve? XRP, Solana (SOL), and Cardano (ADA) are included in the reserve, but not Bitcoin (BTC) or Ethereum (ETH), the two largest digital assets by market capitalization.
- What is the purpose of the reserve? The purpose of the reserve is to elevate the critical industry and make the U.S. the “Crypto Capital of the World,” according to Trump’s announcement.
- What is the current state of the proposal? The proposal is currently in the evaluation stage, with the Presidential Working Group reviewing the idea and considering the feasibility of creating a strategic crypto reserve.
- What are the implications of this proposal? The proposal could have significant implications for the crypto industry, potentially leading to increased investment, job creation, and economic growth.
