Trump Administration Considers XRP, Solana, and USDC Reserves
- Trump’s team eyes XRP, Solana, and USDC reserves as part of the “America-first” policy.
- The move aims to boost US crypto innovation.
- Concerns arise about potential impact on Bitcoin reserve.
Strategic Reserves for US-Based Cryptocurrencies
Donald Trump’s transition team is exploring the establishment of strategic reserves for digital currencies beyond Bitcoin. Sources indicate a focus on US-based cryptocurrencies like XRP, Solana, and USDC with the goal of strengthening America’s position in the global crypto market.
Supporting America’s Crypto Market
Aligned with Trump’s “America-first” policy, this initiative signals a possible shift towards recognizing and supporting cryptocurrencies originating from the US. The move is intended to foster innovation and maintain US dominance in emerging financial technologies.
US-Based Crypto Firms in Focus
XRP is linked to Ripple Labs in San Francisco, Solana to Solana Labs in the same city, and USDC to Circle headquartered in Boston, Massachusetts. The inclusion of XRP, amidst legal battles with the SEC, suggests a potential change in regulatory attitudes under the new administration.
Industry Anticipates Regulatory Changes
The consideration of Solana and USDC could propel further development and adoption of these platforms with potential governmental endorsement. The crypto industry awaits executive orders or policy announcements from the Trump administration post-inauguration on January 20, particularly regarding regulatory changes like the possible repeal of SAB 121.
Debate Over Bitcoin’s Role
While some welcome increased legitimacy for US-based digital currencies, concerns are raised about potential sidelining of Bitcoin, the flagship cryptocurrency. The transition team’s stance on Bitcoin remains uncertain, given Trump’s initial proposal for a Bitcoin reserve during his campaigns.