President Donald Trump has cast his support behind the creation of federal cryptocurrency assets. The first highlighted XRP, Solana and Cardano, then added Bitcoin and Ethereum.
In January, Trump issued an executive order calling for the establishment of a working group that researched recommendations on crypto policy, including “the potential creation and maintenance of national digital asset stockpiles.”
The working group was supposed to “suggest the criteria for establishing such stockpiles.” This could be “derived from cryptocurrencies legally seized by the federal government through law enforcement efforts.”
In this morning's post about the truth about his social network, Trump appears to be going further, revealing that he hopes the reserve will become a reality.
“U.S. cryptocurrency reserves will raise this important industry after years of corrupt attacks by the Biden administration. That's why my executive order on digital assets has directed the presidential working group to advance cryptocurrency strategic reserves, including XRP, SOL and ADA,” Trump wrote. “We confirm that the United States is the world's crypto capital.”
As of Sunday morning publication, prices for all three cryptocurrencies mentioned in the Trump post had risen by more than 20%. He later wrote in a follow-up post: I also love Bitcoin and Ethereum! ”
As Trump admitted in his post, his executive order appeared to be directed to revoke the crypto-regulation framework set by former President Joe Biden.
Under the Trump administration, the Securities and Exchange Commission has taken an industry friendly and deregulated attitude, dismissing the lawsuit against Coinbase and declaring Memecoin is not a securities. (The value of Trump's own $Trump Coin has plummeted since he took office.)
Trump has also signed an executive order calling for the creation of a US sovereign wealth fund that it said could be used to purchase Tiktok.
This post was updated to reflect Trump's follow-up messages on Bitcoin and Ethereum.
