Trump is Considering Solana, XRP, and USDC in America First Strategic Reserves
In a significant shift toward embracing various cryptocurrencies, Donald Trump is considering the inclusion Solana, XRP, and USDC in what he terms an "America-first strategic reserve." As Trump prepares to assume the presidency on January 20, the crypto community eagerly awaits the potential implications of his forthcoming executive orders on the industry.
US to Have Strategic Solana, XRP, and USDC Reserves
Recent insights from the New York Post reveal that the Trump transition team is not only contemplating a strategic Bitcoin reserve but also expanding this vision to include other US-founded cryptocurrencies. The idea is to prioritize digital assets like Solana, XRP, and USDC, which are seen as pivotal in establishing an America-centric digital economy. This move is part of a broader strategy to issue pro-crypto executive orders, including the repeal of the contentious crypto accounting policy known as SAB 121.
Trump has shown a receptive attitude during recent meetings with cryptocurrency founders, notably including Ripple's CEO Brad Garlinghouse and CLO Stuart Alderoty at Mar-a-Lago. However, this shift toward other coins has stirred some controversy within the crypto community. There's a concern among insiders that focusing on other projects might dilute the efforts to promote and legitimize Bitcoin, which many view as the cornerstone of the crypto movement. Despite these internal debates, the overarching sentiment in the industry is one of optimism, with many anticipating what could be described as the dawn of a "crypto golden age."
An intriguing development is the possibility that Trump's administration might not just focus on individual cryptocurrencies but could be considering a broader "basket" of cryptocurrencies for national reserves. This approach would be somewhat analogous to the International Monetary Fund's Special Drawing Rights (SDR) basket, which includes a mix of major global currencies. If implemented, this could mean that instead of a singular focus on Bitcoin, the U.S. might diversify its crypto holdings, potentially enhancing the stability and acceptance of a wider range of digital assets.
As the inauguration date approaches, the crypto sector remains on high alert for Trump's initial executive actions. Speculation abounds that on day one, Trump might sign orders that would not only favor cryptocurrencies but also reform crypto regulations. With the expected appointment of Paul Atkins as SEC Chair, there's hope for a more favorable regulatory environment.
Additionally, the repeal of SAB 121 is expected to encourage banks to engage more freely with crypto firms, reversing years of regulatory caution that has kept traditional finance at arm's length from the crypto space.
To celebrate this new era, artificial intelligence and crypto advocate David Sacks is set to host the inaugural Crypto Ball in Washington, DC this Friday, marking the beginning of a celebratory weekend leading up to Trump's inauguration. This event underscores the crypto community's high spirits and their collective hope for a future where digital currencies are not just acknowledged but are integral to the U.S. financial landscape.
Thus, as we stand on the brink of these potentially transformative changes, the implications for both the crypto market and U.S. economic policy are profound, promising a landscape where innovation in digital finance could flourish under the new administration.