President Trump announced Sunday that the U.S. would be creating a crypto reserve to boost the growing industry.
“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,” Trump posted to Truth Social.
Trump said he will make the United States the “Crypto Capital of the World.”
His announcement comes just after the White House announced it would be welcoming cryptocurrency industry professionals on March 7 in a first-of-its-kind summit.
Attendees will include founders, CEOs and investors from the industry.
One of Trump’s first executive orders said he plans to foster “responsible growth” and use of “digital assets” and technologies to bolster the economy.
Trump’s digital assets working group has a deadline of six months to submit recommendations on regulatory and legislative proposals to the president surrounding the industry.
It’s unclear what exactly Trump’s crypto reserve would look like, and while he previously dismissed crypto as a scam, he’s embraced the industry throughout his most recent campaign.
