US President-elect Donald Trump is reportedly considering the creation of an America-first strategic reserve for cryptocurrencies like Solana (SOL) and XRP, according to a report from the New York Post. This move comes as part of a larger effort to completely overhaul the regulation of the cryptocurrency industry in the country.
With the incoming inauguration of President Trump, the cryptocurrency market is anticipating a significant shift from the challenges faced during the previous administration. Under the Biden Administration, the US Securities and Exchange Commission (SEC) had regulated the industry through enforcement, leading to uncertainty and restrictions for many digital asset projects.
Now, with Trump set to take office, there is hope for a more favorable regulatory environment for cryptocurrencies. The idea of creating a strategic reserve for US-based cryptocurrencies like Solana and XRP is gaining traction, with reports indicating that Trump has met with the founders of these projects and is receptive to the concept.
The New York Post describes the proposed reserve as an “America-first strategic reserve that would prioritize digital coins founded in the US, like Solana, USD Coin, and Ripple.” While there are concerns about potentially delegitimizing Bitcoin, sources indicate that all parties involved still want to prioritize the leading cryptocurrency.
There have been discussions about Trump establishing a Bitcoin reserve and potentially passing US Senator Cynthia Lummis’ Bitcoin Act, which was introduced last year. The cryptocurrency industry is eagerly awaiting further details on Trump’s plans for the strategic reserve and how it will impact the market.
Overall, the potential creation of an America-first strategic reserve for cryptocurrencies under the new administration signals a significant shift in regulatory approach and could have far-reaching implications for the industry. Investors and stakeholders will be closely monitoring developments in the coming days as Trump takes office and begins to implement his policies.