Altcoin
Donald Trump Open to Having XRP, Solana and USDC Strategic Reserves
Donald Trump is open to having more cryptocurrencies such as XRP, Solana, and USDC as part of his America-first strategic reserves. This development comes as the Trump transition team has already been mulling the idea of building a strategic Bitcoin reserve. With Trump set to take charge on January 20, everyone is keen as to what will the first set of crypto executive orders hold in store for the crypto industry.
US to Have Strategic XRP, Solana, and USDC Reserves?
The latest report from New York Post shows that Donald Trump and his transition team are preparing to issue pro-crypto executive orders which will also include repealing the controversial crypto accounting policy aka SAB 121.
A source familiar with the matter said that one idea that’s causing more controversy is the idea of having an America-first strategic reserve. This means that the Trump transition team would prioritize cryptocurrencies founded in the US such as XRP, Solana, and the USDC stablecoin for strategic reserves.
In recent weeks, former President Donald Trump has met with the founders of various cryptocurrency coins, expressing a receptive stance toward their ideas. Ripple CEO Brad Garlinghouse along with CLO Stuart Alderoty met Trump at the Mar-a-Lago resort.
However, insiders who preferred to stay anonymous raised concerns that Trump’s involvement with these alternative coins could undermine efforts to legitimize and promote Bitcoin. Several in the crypto industry want Trump to prioritize the world’s largest crypto asset class Bitcoin and announce a strategic Bitcoin reserve by Q1 2025.
Despite these internal disagreements, sources indicated that the industry remains focused on what they believe could be the dawn of a “crypto golden age”.
Donald Trump’s Crypto Executive Orders on Watchlist
The crypto industry has high hopes that President-elect Donald Trump will issue crypto executive orders on the first day in office on January 20. Furthermore, the industry is expecting a major crypto regulatory overhaul with the new SEC leadership, supposedly under Paul Atkins.
One of the biggest expectations is the settlement of the Ripple lawsuit which will pave the way for a spot XRP ETF in the market. Additionally, Trump is likely to repeal the controversial accounting rule of SAB 121. This will allow US banks to work closely with crypto firms. Frank Chaparro, an early Bitcoin investor and financial analyst stated:
“The entire market is relieved … we have a seismic shift in the approach and tone of the government and regulatory agencies. What this means practically is, banks will be able to touch crypto — for the last four years they’ve been told they can’t.”
This Friday, AI and Crypto Czar David Sacks will host the inaugural Crypto Ball in Washington, DC. The event marks the start of a weekend of celebrations ahead of Donald Trump’s January 20 inauguration.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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