Trump open to idea of establishing a strategic reserve with US-based coins like SOL, XRP, USDC


Key Takeaways

  • Donald Trump is “receptive” to establishing a strategic reserve using US-based digital assets like Solana, USD Coin, and Ripple.
  • The proposed policy shift may include appointing crypto-friendly officials and ending debanking practices affecting cryptocurrency startups.

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President-elect Donald Trump is warming up to the idea of establishing an “America-first strategic reserve” that would focus on digital assets made in the US like Ripple, Solana, and USD Coin, the New York Post reported Thursday, citing sources with knowledge of the matter.

Trump has shown interest in the concept throughout meetings with the founders of these projects. The idea, however, has sparked worries among insiders that it could weaken Bitcoin’s market leadership, the report noted.

Despite concerns, there is prevailing optimism that these developments could benefit the crypto industry as a whole.

Creating a national Bitcoin stockpile is still one of Trump’s biggest crypto promises. Driven by the anticipation that the US will soon pursue this goal, public companies have begun to add Bitcoin to their respective reserves.

State-level efforts are also underway. Oklahoma Rep. Cody Maynard has recently introduced the Strategic Bitcoin Reserve Act, which would permit the State Treasurer to invest public funds in crypto assets, including bitcoin and stablecoins. This is part of the broader push to build up strategic crypto reserves in various US states, including Texas, Pennsylvania and Ohio.

Metaplanet CEO Simon Gerovich predicts that if Trump establishes a strategic Bitcoin reserve, it will encourage Japan and other Asian nations to follow suit.

Trump administration plans to issue crypto-focused executive orders

The incoming administration is set to issue executive orders focusing on crypto, the Washington Post said Monday. This may include establishing a Bitcoin reserve and ending debanking practices, commonly described as “Operation Choke Point 2.0.”

However, since a future administration could easily revoke those directives, the establishment of a strategic Bitcoin reserve through an executive order may lack the permanence that many desire, New York Digital Investment Group (NYDIG) notes in a recent report.

Legislation such as the BITCOIN Act introduced by Senator Cynthia Lummis would provide a more solid foundation for the reserve, according to the NYDIG.

This would ensure that it remains intact regardless of changes in political leadership, but it may also require more time to pass because of the complexities of congressional approval and potential delays in the legislative agenda.

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  • Umair

    Muhammad Umair is a passionate content creator, web developer, and tech enthusiast. With years of experience in developing dynamic websites and curating engaging content, he specializes in delivering accurate, informative, and up-to-date articles across diverse topics. From gaming and technology to crypto and world news, Umair's expertise ensures a seamless blend of technical knowledge and captivating storytelling. When he's not writing or coding, he enjoys gaming and exploring the latest trends in the tech world.

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