Donald Trump Considers Creating US-Based Crypto Reserve Favoring XRP
U.S. President-elect Donald Trump reportedly plans to sign an executive order to create a national reserve of digital assets, prioritizing assets like XRP. Popular media outlet The New York Post revealed this development in a report today. According to the report, Trump is open-minded to establishing an America-first strategic reserve that will prioritize cryptocurrencies developed in the United States over other offshore assets. Crypto assets that would potentially benefit from this initiative include XRP, Solana (SOL), and USD Coin (USDC). Interestingly, Trump has made significant efforts towards this initiative by recently meeting with the founders of these U.S.-based coins. https://twitter.com/tier10k/status/1879848376205807718This move will enable America to strengthen its position in the global crypto economy by supporting domestic blockchain projects over those created outside the country. Mixed Reactions Trail America-First Digital Asset Reserve Proposal As expected, the proposal has elicited controversies within the crypto community. Critics suggest that favoring U.S.-based tokens over others could undermine Bitcoins global crypto standing. On the contrary, proponents applauded the initiative, emphasizing it would enhance the U.S.'s competitiveness in blockchain. Early Bitcoin investor Frank Chaparro commended Trump for setting a new tone for the crypto industry, describing his reelection as a radical shift. XRP Soars 19.5% to $3.32 In the meantime, the prices of these U.S.-based cryptocurrencies reacted positively to the news. Specifically, XRP, which was trading at around $3.05 earlier today, spiked to $3.32 a few minutes after the New York Post published the report. XRP is less than 2% away from surpassing its previous all-time high of $3.4, registered in January 2018, according to data from CoinGecko. At the moment, XRP is up 19.5% over the past 24 hours and 44.53% in the past week. As the third-biggest cryptocurrency, XRP has a market cap of $190.54 billion, with a daily trading volume of $26.77 billion. Similarly, SOL has surged 12.81% in the past 24 hours to $211.89 per coin. With a valuation of $102.52 billion, Solana ranks as the fifth-biggest crypto on CoinMarketCap. Trump Could Sign Multiple Pro-Crypto Executive Orders After Inauguration Meanwhile, sources claim that Trump might also sign several executive orders after his inauguration on January 20 to bolster the crypto industry. These measures revolve around creating a national Bitcoin stockpile, ending the de-banking policy that limited banks engagement with crypto firms, and appointing pro-crypto advocates to key positions. Meanwhile, Trump has already made several appointments favoring the cryptocurrency industry. They include appointing David O. Sacks as White House Crypto Czar and Paul Atkins as incoming SEC Chair.
Text source: The Crypto Basic
