Former President Donald Trump has announced his intention to establish a U.S. Crypto Reserve, sparking renewed discussion about the future of digital assets in U.S. policy.
In a March 2nd post on Truth Social, Trump stated his plan to create a U.S. Crypto Reserve, claiming it would correct the “corrupt attacks by the Biden Administration.” The proposed reserve would include XRP, Solana (SOL), and Cardano (ADA), in addition to Bitcoin and Ether, with Trump positioning himself as a champion of the crypto industry.
“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 that includes XRP, SOL, and ADA,” Trump wrote, adding, “I will make sure the U.S. is the Crypto Capital of the World.”
Trump also clarified his enthusiasm for Bitcoin and Ethereum, asserting their importance in the reserve: “BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve. I also love Bitcoin and Ethereum!
This announcement echoes Trump’s prior campaign pledges to make the United States the global leader in the crypto space. Earlier, on January 23rd, Trump signed an executive order titled “Strengthening American Leadership in Digital Financial Technology.” This order signaled support for blockchain technology and digital assets. It also supported dollar-backed stablecoins while opposing central bank digital currencies (CBDCs). The executive order stipulated further study, but did not explicitly establish the Crypto Reserve.
The concept of a national crypto reserve has also been championed by Senator Cynthia Lummis, a Wyoming Republican. Lummis has been a vocal advocate for a strategic Bitcoin stockpile. She has introduced a bill seeking U.S. acquisition of 1 million BTC. Lummis noted on February 29 that her proposal is progressing slowly. Lummis said at a New York conference, “My bets are that you’ll see a state have a Bitcoin strategic reserve before the federal government.”
She indicated current global actions, such as the United Arab Emirates’ Bitcoin purchases.”We’re seeing the United Arab Emirates purchase Bitcoin. You’re going to look at some of the sovereign wealth funds around the world who are not as tied up in a democratic republic like we are, be able to just make it so.”
Lummis initially presented the national Bitcoin reserve idea with Trump at the Bitcoin 2024 conference in Nashville. Trump’s executive order called for a study on digital asset stockpiles but did not list Bitcoin as the core asset.
Despite the backing from Lummis, state-level bills to establish crypto reserves are facing challenges. Proposals in Montana, North Dakota, South Dakota, and Wyoming have failed in the last month with lawmakers citing concerns about volatility and financial risk.
