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Crypto markets surged after the announcement made on Truth Social. The post said: “A U.S. Crypto Reserve would elevate this vital industry after years of corruption attacks by the Biden Administration. This is why my Executive Order on Digital Assets directs the Presidential Working Group on a Crypto Strategic Reserve including XRP SOL ADA. I will ensure the U.S. has the Crypto Capital of the World. “We are MAKING AMERICA GREAT AGENDA!”
After an hour, Trump replied with the following: “And obviously, BTC, and ETH as other valuable Cryptocurrencies will be at the core of the Reserve. I love Bitcoin and Ethereum too!
Crypto prices rise after Trump’s announcement of strategic reserves
After Trump’s announcement digital currencies rose. Cardano and XRP both saw a surge of more than 63 percent. Solana also gained over 22 percent. Bitcoin and Ethereum, reported by CBS News. CoinGecko reports that the cryptocurrency market has gained more than $300 billion worth of value in just a few hours.
Federico Brokate, of 21Shares, said that “this move signals a change toward the U.S. Government actively participating in the crypto-economy.” Some, such as James Butterfill from CoinShares were surprised that digital assets other than Bitcoin had been included. They viewed it as an attempt to boost the crypto sector.
White House Crypto Summit, March 7, 2019.
At the White House Crypto Summit scheduled for March 7, industry leaders and investor will discuss the implications of a strategic reserve. David Sacks confirmed the event via social media. He is Trump’s AI and Crypto Czar.
Analysts are cautious, despite the fact that the announcement has lifted the markets. Some analysts argue that an act by Congress may be needed to implement the reserve while others suggest that the U.S. Treasury Exchange Stabilization Fund might facilitate its creation.
This is a sharp contrast to former president Joe Biden’s approach, which tightened crypto regulations to combat fraud and money laundering. Since Trump returned to office, The Securities and Exchange Commission (SEC), has withdrawn several investigations into crypto firms. One lawsuit was filed against Coinbase and another will be dropped against Ripple labs (developer XRP).
As institutional adoption and regulatory changes gain momentum, the next months will be critical in determining whether the U.S. strategic cryptocurrency reserve is a success.
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