Trump directs working group to 'move forward' on SOL, XRP, and ADA Crypto Strategic Reserve
Quick Take
- President Trump, on Truth Social, directed his crypto working group to “move forward” on a Crypto Strategic Reserve that includes SOL, XRP, and ADA.
- Trump later clarified that the planned reserve would also hold Bitcoin and Ethereum; the federal government already holds at least $17 billion in BTC, according to Arkham.
President Trump, on Truth Social Sunday morning, directed his Presidential Working Group on Crypto, led by executive director Bo Hines, to "move forward" on a Crypto Strategic Reserve holding Solana, XRP, and Cardano.
"A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration," Trump wrote. "I will make sure the U.S. is the Crypto Capital of the World."
Trump later clarified that the reserve would also include Bitcoin and Ethereum, the top two cryptocurrencies by market cap. The federal government already holds at least $17 billion worth of Bitcoin, according to Arkham, and at least $120 million worth of ETH.
The post harkens back to Trump's executive order, signed in January, which says the working group "...shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts."
However, Trump's post marks the first time he referred to the stockpile as a "Crypto Strategic Reserve." The terms "reserve" and "stockpile" have been used interchangeably by some, but signify key differences.
The announcement comes days before Trump is set to host an inaugural White House Crypto Summit. The President will deliver remarks to "prominent founders, CEOs, and investors from the crypto industry," at the event on Friday, which will be run by Hines and chaired by AI & Crypto Czar David Sacks.
The New York Post first reported on the possibility of Trump including coins founded in the U.S., such as USDC, XRP, and SOL, in an "America-First" styled crypto reserve in January.
Edited at 11:54 am EST with Trump's clarification about BTC and ETH.
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