In a significant move for the cryptocurrency industry, US President Donald Trump has unveiled plans for a Crypto Strategic Reserve, naming five digital assets—Bitcoin, Ethereum, XRP, Solana, and Cardano—to be included in the initiative.
The announcement sent cryptocurrency prices soaring, with Bitcoin and Ethereum rising more than 10% and other tokens seeing even greater gains.
Trump’s declaration, made via his Truth Social platform on Sunday, follows his January executive order aimed at establishing a national stockpile of digital assets. The move signals a sharp policy shift from the previous administration’s regulatory crackdowns on the crypto sector.
“I will make sure the US is the Crypto Capital of the World,” Trump stated. “We are MAKING AMERICA GREAT AGAIN!”
Cardano saw the most significant price jump, rising over 70%, while XRP and Solana increased by more than 30% and 20%, respectively. The total market value of cryptocurrencies surged by more than $300 billion in response to the news.
Since taking office, Trump’s administration has moved swiftly to ease regulatory pressure on the crypto industry. The Securities and Exchange Commission (SEC) recently dropped lawsuits against major crypto exchanges, including Coinbase, Binance, and Uniswap, marking a stark contrast to the Biden administration’s stricter oversight.
Industry leaders have welcomed the policy shift. Federico Brokate, head of US business at 21Shares, called the Crypto Strategic Reserve “a turning point” that could encourage institutional investment and regulatory clarity.
Despite the enthusiasm, details on how the reserve will operate remain unclear. Some analysts question whether the US government will actively purchase digital assets or simply hold those already in its possession. Others speculate that the Treasury’s Exchange Stabilization Fund could be used to facilitate the reserve’s creation.
Trump’s embrace of cryptocurrency marks a significant evolution from his previous stance—during his first administration, he dismissed Bitcoin as a “scam.” Now, he is positioning the US as a leader in digital asset innovation, a move that could reshape global finance.
Al Jazeera and Reuters contributed to this report.
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