Donald Trump announces plans to establish crypto reserve, aiming to make US a leader in digital currency sector

President Donald Trump has recently made headlines with his announcement of plans for a US Crypto Reserve that aims to support specific digital assets like XRP, Solana (SOL), and Cardano (ADA). In a statement on Truth Social, Trump outlined his vision for a strategic reserve that includes these cryptocurrencies as part of his efforts to boost the industry post what he referred to as “corrupt attacks” by the Biden administration. He emphasized his commitment to making the United States the leading Crypto Capital globally, underscoring his campaign slogan of “MAKING AMERICA GREAT AGAIN.”

This move by Trump comes on the heels of several pro-crypto policies enacted by his administration, such as dropping a Securities and Exchange Commission (SEC) lawsuit against Coinbase and halting investigations into various crypto firms. These actions, alongside promises like establishing a national Bitcoin reserve and reducing regulatory burdens, initially sparked enthusiasm in the crypto markets, leading to a surge in prices.

Looking ahead, Trump is set to host the inaugural White House Crypto Summit this coming Friday. The event will convene industry leaders, CEOs, and investors to discuss the future landscape of digital assets and cryptocurrencies. The summit is expected to be a pivotal moment for the crypto industry, providing a platform for stakeholders to engage in meaningful dialogue about the opportunities and challenges facing the sector.

In further support of cryptocurrencies, Trump highlighted the inclusion of Bitcoin and Ethereum in the proposed US Crypto Reserve, acknowledging their value and significance in the digital asset space. Following his announcement, the market saw a notable uptick, with Bitcoin increasing by 9% to $92,857 and Ethereum jumping by 12% to $2,477.

Trump’s commitment to digital financial technology was underscored by an executive order signed on January 23, titled Strengthening American Leadership in Digital Financial Technology. The order reinforced the administration’s backing of blockchain innovation and stablecoins tied to the US dollar while prohibiting the development of any central bank digital currency (CBDC). While the executive order did not formally establish the US Crypto Reserve, it did call for further exploration of the concept, a notion that Trump has been advocating since his presidential campaign in 2024.

Overall, Trump’s recent announcement regarding the US Crypto Reserve signals a significant step towards solidifying America’s position as a key player in the digital asset industry. With plans to support a range of cryptocurrencies and foster innovation in the sector, Trump is positioning the United States to become a prominent hub for crypto activities on the global stage. As the industry continues to evolve and expand, Trump’s pro-crypto policies and initiatives are poised to shape the future trajectory of cryptocurrencies in the US and beyond.