Former President Donald Trump is backing the creation of a federal reserve of cryptocurrency assets, initially highlighting XRP, Solana, and Cardano for inclusion before later stating that Bitcoin and Ethereum would “obviously” be part of it as well.
In January, Trump issued an executive order establishing a working group to study and make recommendations on crypto policy, including “the potential creation and maintenance of a national digital asset stockpile.” The group was tasked with proposing criteria for forming such a stockpile, potentially using cryptocurrencies lawfully seized by the federal government through law enforcement efforts.
On Sunday morning, Trump took to Truth Social to signal his commitment to making the reserve a reality. “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,” he wrote. “I will make sure the U.S. is the Crypto Capital of the World.”
Following Trump’s post, the prices of the three mentioned cryptocurrencies surged by over 20%. In a follow-up post, he added, “And, obviously, BTC and ETH, as other valuable cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”
Trump’s executive order appears aimed at dismantling the crypto regulatory framework established under President Joe Biden. Under Trump, the Securities and Exchange Commission has taken a more industry-friendly, deregulatory stance—dismissing its lawsuit against Coinbase and declaring that memecoins are not securities. (Meanwhile, the value of Trump’s own $TRUMP coin has plummeted since his inauguration.)
Trump has also signed an executive order calling for the creation of a U.S. sovereign wealth fund, which he suggested could be used to purchase TikTok.
