The cryptocurrency market soared after US President Donald Trump revealed five digital assets for a new strategic reserve. According to him, these currencies will help the US become “the Crypto Capital of the World.”
On Sunday, Trump announced on social media that he had signed an order. This directive instructs the Presidential Working Group to move forward with a Crypto Strategic Reserve. Notably, he confirmed the inclusion of XRP, SOL, and ADA in this initiative.
Bitcoin and Ethereum Also Included
Shortly after, Trump made another post. He added, “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve.” His statement reassured investors that Bitcoin and Ethereum would also be part of the plan.
Meanwhile, the White House had just announced the first-ever Crypto Summit, scheduled for March 7. However, Trump did not provide details on how the reserve would function. He assured the public that more information would follow on Friday.
A Major Shift in US Crypto Policy
Trump’s stance on cryptocurrency marks a dramatic shift from former President Joe Biden’s approach. Previously, Biden imposed strict regulations due to concerns about fraud and money laundering. In contrast, Trump actively supported the crypto community during his 2024 campaign.
Crypto Prices See Immediate Gains
As a result, the market reacted instantly. Following Trump’s first post, XRP, SOL, and ADA skyrocketed by 62% on Sunday. At the same time, Bitcoin and Ethereum also saw a surge of over 10% each. This rally helped the crypto market recover after major losses following the 2024 US Presidential elections.
Executive Order Raises Legal Questions
Earlier this year, Trump signed an executive order to form a Presidential Working Group. Its mission is to propose new crypto laws and regulations. Moreover, the order suggested creating a national digital asset stockpile. The government could fund this stockpile by using seized cryptocurrencies from law enforcement actions.
However, it remains unclear whether Congress must approve the reserve. Interestingly, Trump’s stance on crypto has changed over time. In 2021, he told Fox News that cryptocurrency was a “scam.” Now, however, both he and his wife, Melania Trump, have launched their own cryptocurrencies. As a result, critics argue that they are using White House policies for personal gain.