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In a landmark move for the cryptocurrency industry, US President Donald Trump announced the creation of a Crypto Strategic Reserve that includes Bitcoin, Ethereum, Solana, XRP, and Cardano.
The announcement, made via social media, immediately sent shockwaves through the digital asset market, with major cryptocurrencies experiencing significant price increases.
US Artificial Intelligence and Crypto Chief David Sacks hinted that more announcements could be made at the upcoming crypto summit on Friday:
“President Trump announced a Crypto Strategic Reserve comprised of Bitcoin and other major cryptocurrencies. This is consistent with EO 14178, which he issued a week ago. President Trump is keeping his promise to make the US the ‘Crypto Capital of the World.’ More to come at the Summit.”
The move marks a significant departure from the regulatory stance of the previous Biden administration, which cracked down on the crypto industry to reduce risks of fraud and money laundering. Trump’s pro-crypto policies were widely welcomed by industry leaders, who saw them as a catalyst for wider adoption and regulatory clarity.
Despite the enthusiasm, details about how the Cryptocurrency Strategic Reserve would work remain unclear. Legal experts are debating whether an act of Congress would be required for its implementation. Some analysts suggest the reserve could be managed through the U.S. Treasury’s Exchange Stabilization Fund, a mechanism traditionally used to regulate foreign exchange markets.
President Trump will host the first White House Crypto Summit on March 7 to further detail his administration's crypto agenda.
*This is not investment advice.