The post Trump Plans ‘America-First’ Crypto Reserve, Prioritizing U.S.-Based Coins Like Solana and XRP appeared first on Coinpedia Fintech News
The cryptocurrency community is eagerly anticipating Donald Trump’s inauguration on January 20, seeing it as a chance to move past the tough regulations they faced during the Biden administration. According to a recent report from New York Post, President-elect Donald Trump plans to create an ‘America-first’ crypto reserve that will focus on U.S.-based crypto currencies like Solana ($SOL), Ripple ($XRP), and USD Coin ($USDC).
Trump Strongly Backs Crypto Initiatives
The next few days and weeks are going to be very busy as the Trump administration gets back to Washington, D.C., and plans to introduce new executive orders focused on cryptocurrency.
The New York Post reports that President-elect Donald Trump is thinking about creating an “America-first” strategic reserve that would favor U.S.-based cryptocurrencies like USDC, SOL, and XRP. The report mentioned that Trump has recently met with the creators of these cryptocurrencies and is open to the idea.
Also read: Crypto News Today (Jan 16th, 2025): Bitcoin Price Nears $100k | ETH, SOL Lead Altcoin Market Surge
The plan to issue executive orders soon could lead to setting up a Bitcoin reserve and stopping banks from refusing to work with cryptocurrency clients.
One of Trump’s key promises in crypto is setting up a national Bitcoin reserve. Expecting this plan to kick off, several public companies are now starting to include Bitcoin in their financial reserves.
Meanwhile, individual states are getting involved too. For example, Oklahoma’s Representative Cody Maynard recently introduced a bill that would let the state treasurer invest in cryptocurrencies like bitcoin and stablecoins.
This initiative is part of a wider effort with states like Texas, Pennsylvania, and Ohio also planning to set up their own crypto reserves.
Trump’s Approach Relieves Entire Market
The crypto market is finally relieved after years of harsh actions by the Biden administration. During the Biden administration, banking regulators from the FDIC (Federal Deposit Insurance Corporation) instructed banks not to engage with cryptocurrency companies, which paused the industry’s growth.
Venture capitalist Marc Andreessen referred to these actions as “terrorizing” startups. Hence, the latest initiatives taken by Trump to promote the market have boosted buying demand.
Trump’s pledges included firing SEC Chair Gary Gensler, pardoning Silk Road founder Ross Ulbricht, setting up a Crypto Presidential Advisory Council, canceling SAB 121, stopping “Operation Choke Point 2.0,” and making the U.S. a leading bitcoin mining hub. Following these announcements, Gensler confirmed he would leave the SEC.
Coinpedia previously reported that Trump’s revamped SEC plans to drop security allegations and create a new cryptocurrency policy.
Additionally, David Sacks, chosen by Trump as the Crypto and AI Policy Advisor, is organizing the first-ever Crypto Ball this weekend in Washington, D.C. With sponsorship from key industry leaders such as Coinbase, Solana, and Galaxy Digital, the event highlights the administration’s dedication to promoting blockchain technology.
