Former President Donald Trump announced Sunday that the U.S. will establish a crypto reserve, aiming to boost the burgeoning 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 posted on Truth Social.
Trump declared his intention to make the United States the “Crypto Capital of the World.” This announcement follows news that the White House will host cryptocurrency industry professionals at a summit on March 7, bringing together founders, CEOs, and investors.
One of Trump’s initial executive orders outlined his plan to encourage “responsible growth” and utilization of “digital assets” and technologies to strengthen the economy. The deadline for Trump’s digital assets working group to submit recommendations on regulatory and legislative proposals is six months.
Details about the structure of Trump’s crypto reserve remain unclear. While he previously dismissed crypto as a scam, he has embraced the industry during his recent campaign.
