US President Donald Trump announced plans to create a Crypto Strategic Reserve, naming Bitcoin, Ethereum, XRP, Solana, and Cardano as key assets. This led to significant price increases in these cryptocurrencies. Trump’s initiative aligns with a new Executive Order supporting the growth of digital assets, reversing Biden’s prior policies. Additionally, the SEC dropped its lawsuit against Coinbase, marking a shift towards transparency in regulation.
On March 2, US President Donald Trump announced plans on social media to establish a Crypto Strategic Reserve for five specific cryptocurrencies: Bitcoin, Ethereum, XRP, Solana, and Cardano. He expressed a commitment to transform America into the “Crypto Capital of the World,” claiming that this initiative will promote growth in the crypto industry following criticisms of the prior Biden Administration’s approach.
Subsequent to Trump’s announcement, the prices of these cryptocurrencies surged significantly. Cardano observed a striking 70% increase, while XRP and Solana rose by 30% and 20%, respectively. Bitcoin and Ethereum saw more modest gains of 10%, reflecting investor confidence in Trump’s crypto policies and proposal.
The announcement aligns with an Executive Order signed by Trump on January 23, which aimed to create a regulatory framework for digital assets. This initiative seeks to foster responsible growth and expand the use of digital assets across the US economy, thereby reinforcing America’s leadership in digital financial technology.
Trump’s order essentially overturns a previous executive order by President Joe Biden, issued in March 2022, that focused on mitigating the risks associated with digital assets. Biden’s policy was designed to protect consumers, investors, and businesses from potential pitfalls of cryptocurrency.
Furthermore, the US Securities and Exchange Commission (SEC) has paused its ongoing lawsuit against Coinbase, the largest cryptocurrency exchange in the country. This pause indicates a shift towards developing a transparent regulatory framework that encourages public participation rather than relying solely on enforcement actions.
Trump’s establishment of a Crypto Strategic Reserve aims to bolster the US cryptocurrency landscape, following significant price surges in several digital currencies. His executive order supports the growth of digital assets, contrasting with Biden’s risk-focused approach, while the SEC’s actions reflect a potential regulatory shift towards transparency and public engagement. Overall, this development marks a pivotal moment in the evolving relationship between the US government and the cryptocurrency market, positioning the nation as a leader in digital financial innovation.
Original Source: www.moroccoworldnews.com
