Rabat — US President Donald Trump took to social media on Sunday, March 2, to name five US-based cryptocurrencies – Bitcoin, Etherum, XRP, Solana and Cardano — for his proposed Crypto Strategic Reserve.
Trump claimed that a crypto reserve will elevate this industry after years of alleged attacks by the previous Biden Administration. “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!” declared Trump on Truth Social.
These cryptocurrencies saw a significant jump in prices following Trump’s announcement. Cardano, a public decentralized blockchain platform, jumped up 70%, followed by a rise of 30% for XPP and 20% for Solana, while both Bitcoin and Etherum rose by 10%.
This declaration comes in line with an Executive Order that Trump passed on January 23 aiming to establish a regulatory framework for digital assets in order to strengthen American leadership in digital financial technology.
The executive order stated that the Trump Administration intends on supporting the responsible growth and use of digital assets across all sectors of the economy given its role in the innovation and economic development in the US, as well as the country’s international leadership.
This directive directly nullifies another executive order signed by the previous US President Joe Biden in March of 2022, which called for the responsible development of digital assets. This policy aimed to reduce the risks of digital assets on consumers, investors and business protections.
The US Securities and Exchange Commission, an independent agency created following the Wall Street Crash in 1929, dropped its pending lawsuit against Coinbase, the largest cryptocurrency exchange in the US, on February 27, signaling the start of a transparent framework that engages the general public instead of solely relying on enforcement actions.