President Trump announced his intention to create a U.S. Crypto Reserve, outlining his plan to make the US the 'Crypto Capital of the World'.
President Donald Trump announced on Sunday his intention to establish a new U.S. Crypto Reserve , building on an executive order regarding cryptocurrency that he signed in January. This move underscores the Trump administration's commitment to supporting the cryptocurrency industry and integrating it into the nation's financial future. Trump has previously declared his ambition to be 'America's first crypto president.
' He plans to host a White House Crypto Summit on Friday to elaborate on his vision and work towards developing a regulatory framework that fosters innovation while maintaining financial stability. The proposed reserve is anticipated to have significant implications for institutional adoption and regulatory clarity within the cryptocurrency space. \Trump took to Truth Social on Sunday morning, stating: '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 . I will make sure the U.S. is the Crypto Capital of the World.' In a subsequent post, he added: 'And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve. I also love Bitcoin and Ethereum!' \Trump's executive order, signed on January 23, tasked the Presidential Working Group on Financial Markets with formulating guidelines for navigating digital financial technology. This working group comprises representatives from the Treasury Department, the Federal Reserve, and the Securities and Exchange Commission (SEC), according to the Associated Press. This announcement comes amidst a recent decline in cryptocurrency prices. These prices initially surged prior to Trump's inauguration, with Bitcoin reaching an all-time high in early December, a few weeks after Trump's victory in the 2020 presidential election. Trump and his wife, First Lady Melania Trump, also launched their own meme coins shortly before his inauguration on January 20. According to a disclaimer on the Trump Meme website, Trump Organization-affiliated entities hold 80 percent of the cryptocurrency and will profit from the 'trading revenue' generated through sales.
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