President Donald Trump announced his plans for a cryptocurrency strategic reserve, naming five tokens that would be included in the reserve, in recent social media posts.
"A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve," Trump wrote in a Truth Social post March 2.
The president’s executive order, issued Jan. 23, established a working group on digital assets, and — among other things — directed the group to “evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile.” The group is led by venture capitalist David Sacks, whom Trump recently named as the White House’s artificial intelligence and crypto czar.
Trump wrote that a crypto strategic reserve would include Ripple’s XRP token, Solana’s SOL token and Cardano’s ADA token in the same Truth Social post. XRP is currently trading at $2.61, according to Bloomberg, while SOL and ADA are trading at $158.07 and 97 cents, respectively, according to Coinbase. In a later post March 2, Trump added that “obviously” bitcoin and ether — currently trading at $90,000 and $2,285, respectively, according to Bloomberg — would “be the heart of the Reserve.”
During the 2024 election cycle, crypto firm Ripple donated a total of $45 million to Fairshake, a crypto super PAC that focuses on House and Senate races, according to data from OpenSecrets. Lauren Belive, head of U.S. policy at Ripple, told Pensions & Investments in July the company was committed to supporting candidates who are “pro-innovation, pro-crypto regardless of their party positions.”
Last Congress, Sen. Cynthia Lummis, R-Wyo., introduced a bill to establish a bitcoin strategic reserve, but the bill didn’t move before the end of the year.
The president plans to host the first “White House Crypto Summit” on March 7, and attendees “will include prominent founders, CEOs, and investors from the crypto industry,” wrote Sacks, who will chair the summit, in a Feb. 28 post on X.
Trump’s announcement of a crypto strategic reserve is “consistent” with the president’s executive order, Sacks wrote in a separate March 2 post on X, adding that “President Trump is keeping his promise to make the U.S. the ‘Crypto Capital of the World.’ More to come at the Summit.”
