U.S. President Donald Trump announced on social media Sunday, March 2, his plan to establish a Crypto Strategic Reserve, naming five cryptocurrencies—Bitcoin, Ethereum, XRP, Solana, and Cardano—as key assets.
Trump argued that this initiative would revitalise the crypto industry, which he claimed suffered under the Biden administration’s policies.
“I will make sure the U.S. is the crypto capital of the world. We are MAKING AMERICA GREAT AGAIN!” he wrote on Truth Social.
Following the announcement, cryptocurrency prices surged. Cardano led the rally with a 70% increase, while XRP and Solana rose by 30% and 20%, respectively. And Ethereum also saw a 10% rise.
ALSO READ: War Veterans Vow to Continue Protests Against Mnangagwa
This move aligns with an executive order Trump signed on January 23, which aims to create a clear regulatory framework for digital assets, reinforcing the U.S.’s leadership in financial technology.
The directive promotes responsible adoption of digital currencies across various economic sectors and seeks to enhance innovation while positioning the U.S. at the forefront of the global crypto market.
Trump’s order overturns a 2022 directive by former President Joe Biden, which prioritised risk mitigation for consumers, investors, and businesses in the digital asset space.
Additionally, on February 27, the U.S. Securities and Exchange Commission (SEC) dismissed its lawsuit against Coinbase, the country’s largest cryptocurrency exchange, signalling a shift towards clearer regulations that involve public engagement rather than strict enforcement actions.
