U.S. President Donald Trump has announced plans for a Crypto Strategic Reserve, naming five cryptocurrencies as key assets in his vision to make the United States the Crypto Capital of the World. The digital currencies include Bitcoin, Ethereum, XRP, Solana, and Cardano.
The announcement caused a surge in crypto markets. XRP, Solana, and Cardano saw gains of up to 62 percent, while Bitcoin and Ethereum rose by more than 10 percent.
Trump, who once called Bitcoin a scam in 2021, has since embraced digital assets. During his campaign, he actively sought support from the crypto community. His approach marks a sharp contrast to former President Joe Biden’s stricter policies, which focused on fraud and money laundering concerns in the industry.
Details on how the reserve will operate remain unclear. More information is expected at the White House’s first Crypto Summit on Friday. Trump confirmed that he signed an order directing a presidential working group to explore the creation of a national crypto stockpile. The initiative could involve digital assets seized by the federal government through law enforcement actions.
It is uncertain whether the plan will require approval from Congress. Critics have raised concerns that Trump and his wife Melania, who recently launched their own cryptocurrencies, may be using White House policies for financial gain.
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