Donald Trump has proposed creating a U.S. crypto reserve featuring XRP, SOL, and ADA, omitting Bitcoin and Ethereum. He claims the initiative will enhance the crypto industry amid previous governmental challenges. This announcement comes as part of his broader campaign themes leading into the 2024 elections, as related legislative efforts evolve.
U.S. President Donald Trump recently unveiled his vision for a national crypto reserve, highlighting three specific assets: XRP, Solana (SOL), and Cardano (ADA). Remarkably absent from this list are Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies. This announcement was made on Truth Social, marking a significant moment in the conversation surrounding digital currencies in America.
In his post, Trump asserted that “A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration.” He noted that his Executive Order on Digital Assets has prompted the Presidential Working Group to explore the creation of this reserve, aiming to position the U.S. as a global hub for crypto innovation.
The executive order, signed earlier this year, encourages further research but doesn’t explicitly mandate the establishment of a crypto reserve. Nonetheless, Trump’s campaign rhetoric has frequently returned to the topic as he gears up for the 2024 presidential election. Meanwhile, Senator Cynthia Lummis has previously proposed legislation to establish a strategic bitcoin reserve.
Despite some state legislatures introducing their own crypto reserve bills, many of these initiatives have encountered challenges and setbacks. The evolving landscape of cryptocurrency regulation continues to stir discussions across the country, as lawmakers grapple with how to navigate this emerging financial frontier.
Nikhilesh De, managing editor for CoinDesk, covers regulatory matters and crypto policy, and is notable for his deep interest in digital assets. He has received recognition for his journalism in the cryptocurrency space and personally holds modest amounts of Bitcoin and Ethereum.
Donald Trump’s announcement regarding the U.S. crypto reserve emphasizes XRP, SOL, and ADA while sidelining Bitcoin and Ethereum. This move seeks to elevate the industry amidst a backdrop of previous governmental scrutiny. As discussions about creating a strategic crypto framework continue, it highlights the contrasting legislative efforts within the U.S. on cryptocurrency reserves. With Trump’s push to make the U.S. a leading crypto power, the future of digital assets hangs in the balance.
Original Source: www.coindesk.com
