Donald Trump announced a Crypto Strategic Reserve targeting five cryptocurrencies, leading to substantial price increases. His move aligns with an Executive Order aimed at supporting digital asset growth, contrasting with Biden’s prior regulations. The SEC’s recent actions indicate a shift towards a supportive regulatory framework for cryptocurrencies.
On March 2, former President Donald Trump announced on social media his intention to create a Crypto Strategic Reserve in the United States, naming five cryptocurrencies: Bitcoin, Ethereum, XRP, Solana, and Cardano. He articulated his belief that this initiative would revitalize the industry, which he claims has faced considerable opposition from the prior Biden Administration. Trump professed, “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”.
Following this announcement, the prices of these cryptocurrencies experienced substantial increases. Cardano surged by 70%, XRP rose by 30%, and Solana climbed by 20%, while Bitcoin and Ethereum saw gains of 10% each. This market response underscores the potential impact of political endorsements in the cryptocurrency sector.
Trump’s declaration aligns with an Executive Order signed on January 23, focusing on establishing a regulatory framework aimed at fortifying American leadership in digital financial technologies. This Executive Order emphasizes support for the responsible growth and utilization of digital assets across various economic sectors, highlighting their significance in innovation and economic development.
This new directive counters a previous Executive Order by President Biden issued in March 2022, which sought to ensure the responsible development of digital assets to mitigate risks for consumers and businesses. Trump’s administration intends to shift the focus from risk aversion to fostering growth in this sector.
Notably, on February 27, the U.S. Securities and Exchange Commission (SEC) discontinued its lawsuit against Coinbase, the largest cryptocurrency exchange in the United States. This decision signals a move toward a more open regulatory environment that prioritizes public engagement rather than solely enforcement actions.
In conclusion, Donald Trump’s recent proposal to establish a Crypto Strategic Reserve has resulted in significant price increases across several prominent cryptocurrencies. His administration aims to promote the responsible growth of digital assets while reversing the regulatory stance taken by the previous administration. The SEC’s dismissal of its lawsuit against Coinbase further reflects a transition towards a more favorable environment for cryptocurrency development in the United States.
Original Source: www.moroccoworldnews.com
