President-elect Donald Trump is looking to establish an “America-first” strategic crypto reserve.
Background
- The reserve is set to prioritize coins founded in the US, including the likes of USDC, SOL, and XRP
- A recent report pointed out that Trump has met with the founders of these assets and is “receptive” to the idea
Why should you pay attention?
- This initiative could end up pouring water over efforts to promote Bitcoin
- It’s worth recalling that establishing a Bitcoin-focused strategic reserve was one of Trump’s crypto-related campaign promises
- Insiders, however, are reportedly of the opinion that the latest initiative would help foster the “crypto golden age”
Who said what?
- Matt Mena, a crypto research strategist at 21Shares, said,
"Trump’s well-documented support for pro-growth policies and his track record of favoring asset price appreciation further reinforces the bullish outlook for Bitcoin and risk assets more broadly”
Zooming out
- Trump recently appointed investor David Sacks as the US’s’ inaugural AI and Crypto Czar
- Meanwhile, a Crypto Ball is also planned ahead of Trump’s inauguration
- Alongside, within the first few days of the new administration, the SEC will likely review crypto-related court cases and potentially freeze litigation that does not involve allegations of fraud
- In fact, some of these cases could eventually be withdrawn — The SEC is considering to put an end to crypto enforcement altogether
