NewsletterDonald Trump Considers XRP, Solana, and USDC for Strategic Reserves
Highlights
- Donald Trump to include US-based cryptocurrencies like XRP, Solana, and USDC as part of America’s strategic reserves
- Insiders express concerns over Trump's focus on alternative coins potentially sidelining Bitcoin.
- The crypto industry anticipates significant changes under Trump's presidency like repealing SAB 121.
Latest reports suggest that Donald Trump is willing to have America-first cryptocurrencies like XRP, Solana, and USDC, as part of the US strategic reserves. The development comes at a time when the Trump transition team is already considering the idea of building a strategic Bitcoin reserve. As Trump takes charge of the White House office on January 20, the crypto industry is awaiting the first set of crypto executive orders to roll in.
US to Have Strategic XRP, Solana, and USDC Reserves?
The latest report from New York Post shows that Donald Trump and his transition team are preparing to issue pro-crypto executive orders which will also include repealing the controversial crypto accounting policy aka SAB 121.
A source familiar with the matter said that one idea that’s causing more controversy is the idea of having an America-first strategic reserve. This means that the Trump transition team would prioritize cryptocurrencies founded in the US such as XRP, Solana, and the USDC stablecoin for strategic reserves.
In recent weeks, former President Donald Trump has met with the founders of various cryptocurrency coins, expressing a receptive stance toward their ideas. Ripple CEO Brad Garlinghouse along with CLO Stuart Alderoty met Trump at the Mar-a-Lago resort.
However, insiders who preferred to stay anonymous raised concerns that Trump’s involvement with these alternative coins could undermine efforts to legitimize and promote Bitcoin. Several in the crypto industry want Trump to prioritize the world’s largest crypto asset class Bitcoin and announce a strategic Bitcoin reserve by Q1 2025.
Despite these internal disagreements, sources indicated that the industry remains focused on what they believe could be the dawn of a “crypto golden age”.
Donald Trump’s Crypto Executive Orders on Watchlist
The crypto industry has high hopes that President-elect Donald Trump will issue crypto executive orders on the first day in office on January 20. Furthermore, the industry is expecting a major crypto regulatory overhaul with the new SEC leadership, supposedly under Paul Atkins.
One of the biggest expectations is the settlement of the Ripple lawsuit which will pave the way for a spot XRP ETF in the market. Additionally, Trump is likely to repeal the controversial accounting rule of SAB 121. This will allow US banks to work closely with crypto firms. Frank Chaparro, an early Bitcoin investor and financial analyst stated:
“The entire market is relieved … we have a seismic shift in the approach and tone of the government and regulatory agencies. What this means practically is, banks will be able to touch crypto — for the last four years they’ve been told they can’t.”
This Friday, AI and Crypto Czar David Sacks will host the inaugural Crypto Ball in Washington, DC. The event marks the start of a weekend of celebrations ahead of Donald Trump’s January 20 inauguration.
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