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US President Donald Trump announced the creation of a cryptocurrency reserve. This led to a sharp increase in cryptocurrency prices. This was reported by the BBC.
According to Trump, the crypto reserve will include five coins — Bitcoin, Ethereum, XRP, Solana, and Cardano. How the new reserve will operate is currently unknown. On March 7, it is reported that Trump plans to hold the first Crypto Summit at the White House.
On March 2, the president's working group stated that it had signed a program aimed at advancing a strategic reserve that includes XRP, SOL, and ADA cryptocurrencies. Following this, Bitcoin and Ethereum rose by 10 percent, while the prices of the other three coins increased by up to 62 percent.
Trump had previously been a critic of cryptocurrency and stated in 2021 on Fox News that Bitcoin was a "scam." However, in recent weeks, both he and his wife Melania Trump launched their own cryptocurrencies, leading to accusations that they are trying to profit from their White House policies.
For reference, in 2022, former US President Joe Biden also implemented a series of reforms in cryptocurrency policy.
What was Biden's cryptocurrency policy?
Former US President Joe Biden oversaw the fight against cryptocurrencies due to concerns related to fraud. The main objectives of this program were:
- protecting consumers and investors;
- promoting financial stability;
- combating illegal financing;
- ensuring US leadership in the global financial system and economic competitiveness;
- financial inclusion.
This also included digital assets such as responsible innovation, through which the US established a comprehensive cryptocurrency policy.
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