Trump Promotes U.S. Crypto Reserve, Mentions BTC, ETH, XRP, SOL, and ADA

In Brief

Donald Trump announced a plan for a U.S. "Crypto Strategic Reserve" including XRP, SOL, and ADA.

Later, he expanded the reserve to include Bitcoin (BTC) and Ethereum (ETH) as core assets.

The Bitcoin reserve bill faces challenges, with state-level proposals struggling to pass.

‍

On March 2, Trump posted on his official social media platform, stating that the U.S. will build a crypto reserve to boost the industry and counter previous Biden administration policies. He directed a presidential working group to advance the initiative, initially highlighting XRP, SOL, and ADA before later including Bitcoin and Ethereum.

While this signals a potential shift in U.S. crypto policy, experts remain skeptical about its execution. Mint Ventures’ Alex Xu noted that SOL, XRP, and ADA have ties to Trump’s fundraising efforts, possibly influencing their inclusion.

Meanwhile, the Bitcoin reserve bill is facing obstacles at both state and federal levels. So far, 25 states have proposed Bitcoin reserve bills, but Montana, North Dakota, South Dakota, and Ohio have already rejected them. Concerns over BTC’s volatility remain a key issue, even among crypto-friendly legislators.

Despite setbacks, Utah, Arizona, and Oklahoma are making progress with their Bitcoin reserve proposals, which could set a precedent for future federal action. However, political uncertainty makes the passage of a national Bitcoin reserve bill highly challenging.

‍