Trump considers creating a crypto reserve with SOL and XRP
Cryptocurrency industry optimistic about Trump administration’s pro-crypto stance
The cryptocurrency industry is rallying around the upcoming inauguration of Donald Trump on January 20, seeing it as a pivotal moment to address years of regulatory hurdles.
Many stakeholders anticipate a more favorable policy environment under the new administration, potentially sparking a revival in the crypto sector, reports New York Post.
Ending Debanking and Revitalizing Crypto
Reports suggest that Trump’s administration could swiftly issue executive orders to legitimize cryptocurrency and end the controversial practice of debanking. Under the Biden administration, crypto firms faced regulatory pressure through initiatives like “Operation Chokepoint 2.0,” which discouraged banks from engaging with digital assets.
Debanking, often justified by citing vague reputational risks, left startups struggling and stifled innovation. Investor Nic Carter described it as a form of “privatized sanctions,” forcing many companies to move offshore. With Trump’s leadership, industry leaders are optimistic that banks will be allowed to engage with digital assets, enabling a more stable environment for growth and innovation.
Proposals for a Strategic Crypto Reserve
One of the most debated initiatives involves creating an “America-first” strategic reserve of digital currencies, focusing on U.S.-based assets like Solana and XRP. This proposal underscores Trump’s commitment to fostering homegrown innovation, with reports suggesting that the President-elect has engaged with the founders of these assets.
While this move is welcomed by some as a step toward legitimizing digital currencies, others in the crypto community express concern over prioritizing specific coins like XRP and Solana. Critics worry that such an approach could shift focus away from Bitcoin, widely regarded as the cornerstone of the cryptocurrency ecosystem.
A Turning Point for U.S. Crypto Policy
As Trump prepares to take office, the crypto community is hopeful for a shift in regulatory attitudes, with measures aimed at fostering growth and innovation. The anticipated end of debanking and potential establishment of a strategic reserve signal a turning point for the sector, positioning the U.S. as a leader in the global digital economy.
However, the road ahead may not be without challenges. Balancing support for various digital assets while maintaining Bitcoin’s central role will be critical to ensuring widespread industry support. As January 20 approaches, the crypto world eagerly awaits the new administration’s first steps in reshaping the industry’s future.
Recently we wrote, that president-elect Donald Trump has appointed 29-year-old Bo Hines as the executive director of the White House Crypto Council, sparking mixed reactions across the crypto community.
