Trump Plans ‘America-First’ Crypto Reserve, Prioritizing U.S.-Based Coins Like Solana and XRP

The cryptocurrency community is eagerly anticipating Donald Trump’s inauguration on January 20, seeing it as a chance to move past the tough regulations they faced during the Biden administration. According to a recent report from New York Post, President-elect Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President plans to create an ‘America-first’ crypto reserve that will focus on U.S.-based crypto currencies like Solana ($SOL), Ripple ($XRP), and USD Coin ($USDC).

Trump Strongly Backs Crypto Initiatives

The next few days and weeks are going to be very busy as the Trump administration gets back to Washington, D.C., and plans to introduce new executive orders focused on cryptocurrency.

The New York Post reports that President-elect Donald Trump is thinking about creating an “America-first” strategic reserve that would favor U.S.-based cryptocurrencies like USDC, SOL, and XRP. The report mentioned that Trump has recently met with the creators of these cryptocurrencies and is open to the idea.

The plan to issue executive orders soon could lead to setting up a Bitcoin reserve and stopping banks from refusing to work with cryptocurrency clients.

One of Trump’s key promises in crypto is setting up a national Bitcoin reserve. Expecting this plan to kick off, several public companies are now starting to include Bitcoin in their financial reserves.

Meanwhile, individual states are getting involved too. For example, Oklahoma’s Representative Cody Maynard recently introduced a bill that would let the state treasurer invest in cryptocurrencies like bitcoin and stablecoins.

This initiative is part of a wider effort with states like Texas, Pennsylvania, and Ohio also planning to set up their own crypto reserves.

Trump’s Approach Relieves Entire Market

The crypto market is finally relieved after years of harsh actions by the Biden administration. During the Biden administration, banking regulators from the FDIC (Federal Deposit Insurance Corporation) instructed banks not to engage with cryptocurrency companies, which paused the industry’s growth.

Venture capitalist Marc Andreessen referred to these actions as “terrorizing” startups. Hence, the latest initiatives taken by Trump to promote the market have boosted buying demand.

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Trump’s pledges included firing SEC Chair gary gensler gary gensler Gary Gensler is the chairman of the U.S. Securities and Exchange Commission (SEC). His studies in finance and blockchain at MIT have helped him develop U.S. cryptocurrency regulations and policies. Quick Facts Full name Gary Scott Gensler Birth 18-10-1957, Baltimore, Maryland, United States Nationality American Education MBA from the University of Pennsylvania Marital status Married to Francesca Danieli (1986-2006) Net worth Estimated $100 million   Gensler has advocated for enhanced supervision of digital assets, seeking to regulate cryptocurrencies similar to securities. His work at the SEC has focused on safeguarding investors, regulating crypto exchanges, and establishing stablecoin policies.   Gary Gensler - Career Highlights 1997 – Became Assistant Secretary of the Treasury. 2009 – Led CFTC, regulating financial derivatives post-2008 crisis. 2018 – Taught blockchain and crypto at MIT. 2021 – Appointed SEC Chairman, focusing on crypto regulations. 2022 – Proposed stricter rules for crypto exchanges. 2023 – Took legal action against major crypto firms. 2024 – Advocated for stronger stablecoin and DeFi regulations.   Gary has collaborated with multiple lawmakers in formulating crypto policies. Even with disagreements with crypto investors regarding crypto policies, he continues to be a key player in the changing dynamic between regulatory frameworks and blockchain advancement.   Awards & Recognitions of Gary Gensler Year Institution  Description 2009 U.S. Treasury Financial Regulation Leader 2018 MIT Blockchain & Crypto Educator 2021 SEC SEC Chairman Overseeing Crypto Policies 2023 Bloomberg Most Influential Regulator in Crypto 2024 Forbes Top Policy Maker in Digital Assets   Useful Links to Connect With Gary Gensler Platform Link X (formerly Twitter) twitter.com/GaryGensler CFTC website Chairman Gary Gensler   Chairman pardoning Silk Road founder Ross Ulbricht, setting up a Crypto Presidential Advisory Council, canceling SAB 121, stopping “Operation Choke Point 2.0,” and making the U.S. a leading bitcoin mining hub. Following these announcements, Gensler confirmed he would leave the SEC.

Coinpedia previously reported that Trump’s revamped SEC plans to drop security allegations and create a new cryptocurrency policy.  

Additionally, David Sacks, chosen by Trump as the Crypto and AI Policy Advisor, is organizing the first-ever Crypto Ball this weekend in Washington, D.C. With sponsorship from key industry leaders such as Coinbase, Solana, and Galaxy Digital, the event highlights the administration’s dedication to promoting blockchain technology.