Trump Announces Inclusion of XRP, SOL, ADA in US Cryptocurrency Reserves
On the night of March 2, US President Trump announced that XRP, Solana (SOL), and Cardano (ADA) will be included in the US cryptocurrency reserves. Prior to this announcement, Trump signed an executive order to establish a task force dedicated to researching digital assets, exploring the feasibility of creating a national cryptocurrency reserve, and drafting a clear regulatory framework.
Although the executive order did not specifically mention any digital assets, the announcement clearly identified XRP, SOL, and ADA as core assets of the reserve system. This move is seen as the Trump administration's response to the Biden administration's tightened regulatory policy on the crypto industry.
It is reported that Trump had proposed a cryptocurrency policy reform plan as early as January this year, advocating the establishment of a strategic reserve composed of US domestic crypto assets and supporting the appointment of a US Securities and Exchange Commission (SEC) chairman friendly to the industry.
Markets React Strongly: Cryptocurrency Prices Surge
Following Trump's announcement, the market reacted swiftly with a surge in cryptocurrency prices.
- XRP surpassed $2.55 per coin, with an intraday increase of over 20% at one point.
- SOL broke through $160 per coin, rising about 10% intraday.
- ADA's single-day gain approached 30%, exceeding a 65% increase at the time of writing.
- Bitcoin (BTC) was also buoyed, surpassing $87,000 per coin with a more than 3% intraday rise.
Market analysts believe that the Trump administration's positive stance on cryptocurrencies helps alleviate investor uncertainty about regulatory policies and promotes further development of the crypto industry.
The White House to Host First Cryptocurrency Summit on March 7
The White House subsequently announced that Trump will host the first cryptocurrency summit on March 7, further solidifying his supportive stance on the industry. According to a statement released on March 1, the summit will bring together notable founders, CEOs, investors from the crypto industry, and members of the presidential digital assets task force. Trump will deliver a significant speech at the event, expected to address key issues such as stablecoin regulation, Bitcoin reserves, and crypto market development.
During the 2024 election campaign, Trump promised to loosen crypto regulations, support stablecoins, and promote the establishment of Bitcoin reserves in the US. Although these promises have not been fully realized, his administration's open stance on the crypto industry contrasts sharply with the Biden administration.
After a series of scandals, including the collapse of the FTX exchange, the Biden administration implemented stricter regulations on the crypto industry to curb market speculation. Trump, however, has consistently shown interest in cryptocurrencies, launching a "memecoin" before returning to the White House, and supporting the World Liberty Financial crypto project involving his children.
The White House statement emphasized, "This administration is committed to providing a clear regulatory framework, promoting innovation, and maintaining economic freedom."
Summary: Trump Drives Crypto Policy, US Crypto Market Faces Transformation
The Trump administration's announcement to include XRP, SOL, ADA in the US crypto reserve, along with the establishment of a digital asset task force and the upcoming crypto summit at the White House, marks significant policy changes for the US crypto industry. The market responded positively, with a surge in prices of various crypto assets, reflecting investor expectations of an improved regulatory environment. However, the future direction of US government crypto policy remains to be seen, especially the attitude of financial regulators like the SEC, which will directly impact the long-term development of the crypto industry.
