Trump announces a new crypto policy aiming to make the U.S. the crypto capital, causing Bitcoin to soar over $93K. The proposed Crypto Strategic Reserve faces questions regarding its funding and legal establishment. Experts warn sustained growth will depend on regulatory clarity and Fed policy.
In a bold declaration, former President Trump announced a transformative crypto policy aiming to position the U.S. as the leading crypto capital of the globe. This shift starkly contrasts with the Biden administration’s tighter regulations on cryptocurrencies. With substantial support from crypto executives, Trump emphasized his commitment via Truth Social, stating, “I will make sure the US is the Crypto Capital of the World.”
The market responded dramatically to Trump’s announcement, as Bitcoin rocketed past $93,000 from a previous $85,166. Ethereum rose by 13% to $2,443, while Solana jumped 18%, reaching $175.46. XRP experienced a significant climb of 31% to $2.92, and Cardano saw an astonishing 71% increase to $1.10, based on CoinMarketCap data.
Questions loom around the proposed Crypto Strategic Reserve, specifically concerning its funding and structure. Speculation suggests it may be financed through the U.S. Treasury’s Exchange Stabilization Fund or assets from law enforcement seizures. However, legal hurdles concerning Trump’s unilateral establishment of the reserve without Congress looms large. A Crypto Summit is set to unfold soon, amid reports of Trump’s family venturing into launching a cryptocurrency.
In addition to supporting up-and-coming cryptocurrencies like XRP, Solana, and Cardano, Trump reiterated his love for Bitcoin and Ethereum, stating, “And, obviously, BTC and ETH, as other valuable cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!” This announcement has stirred excitement in the crypto realm, but experts warn that lasting growth hinges on regulatory clarity and the Federal Reserve’s decisions.
Trump’s bold crypto policy has sparked new life into the crypto markets, with Bitcoin and Ethereum leading the charge. The establishment of a Crypto Strategic Reserve raises questions about funding and legality, while the potential for market growth will depend on future regulations and policies. Excitement builds around the prospect of the U.S. becoming a cryptocurrency haven, yet the journey ahead remains uncertain.
Original Source: m.economictimes.com
