Trump instructs presidential task force to advance strategic cryptocurrency reserves including XRP, SOL, and ADA

Trump posted on social media that his digital asset executive order instructs the presidential working group to advance the strategic reserve of cryptocurrencies

The presidential task force will be working to build strategic reserves of cryptocurrencies., according to an announcement from Trump.

The former president said that his digital asset executive order will instruct the presidential working group to "build strategic reserves of cryptocurrency in order to support the national interest."

The task force will be tasked with identifying and selecting the cryptocurrencies that will be included in the reserves, as well as determining the optimal time and manner for making any purchases.

The announcement comes after Trump's administration imposed sanctions on several cryptocurrency exchanges in 2023.

Earlier this year, Trump said that he is a "big fan' of bitcoin and cryptocurrency in general, but he has also expressed skepticism about the technology.

In July, Trump claimed that he was the one who "saved bitcoin" from shutting down during his presidency.

"I liked bitcoin. I wasn't a fan of it, but I liked it. And I saved it from shutting down, which they'll never report. But I saved bitcoin. They'll never report that," Trump said during an interview with former House Speaker Newt Gingrich.

Trump's administration played a key role in shutting down the bitcoin mixer service, which was used by criminals to launder money.

The Treasury Department imposed sanctions on the service in 2023, effectively shutting it down. At the time, the administration said that the service had been used to support ransomware gangs and other cyber criminals.

The move was praised by some cybersecurity experts, who said that it was a necessary step to combat the growing threat of ransomware. However, others said that the administration was overstepping its bounds by regulating bitcoin.

"This is a clear case of the government getting involved in something that it shouldn's be regulating, "said Paul Vigna, a reporter for the Wall Street Journal who covers bitcoin and blockchain technology. "Bitcoin is a decentralized technology, and it's supposed to be outside of the reach of the government."

Despite his skepticism, Trump did come around to the idea of cryptocurrency, especially after his administration began to take a keen interest in the technology.

In 2023, Trump's administration began to explore the possibility of creating a U.S. central bank digital currency (CBDC). The administration also started to pay attention to the growing DeFi ecosystem and the potential for using blockchain technology to improve government efficiency.

After leaving office, Trump continued to follow cryptocurrency news and expressed his opinions on the X platform, formerly Twitter.

Recently, Trump showed interest in a post by David Sacks, the White House AI and cryptocurrency director and "crypto czar."

Sacks announced on X that President Trump had been assigned an executive order to instruct the presidential working group to build strategic reserves of cryptocurrencies.

"This is consistent with his first week's Executive Order 14178, where President Trump is fulfilling his promise to make the U.S. the 'crypto capital of the world.' More will be revealed at the White House Crypto Summit on March 7," Sacks added.

The presidential task force will be working to build strategic reserves of cryptocurrencies, according to an announcement from Trump.

The former president said that his digital asset executive order will instruct the presidential working group to "build strategic reserves of cryptocurrency in order to support the national interest."

The task force will be tasked with identifying and selecting the cryptocurrencies that will be included in the reserves, as well as determining the optimal time and manner for making any purchases.

The announcement comes after Trump's administration imposed sanctions on several cryptocurrency exchanges in 2023.

Earlier this year, Trump said that he is a "big fan' of bitcoin and cryptocurrency in general, but he has also expressed skepticism about the technology.

In July, Trump claimed that he was the one who "saved bitcoin" from shutting down during his presidency.

"I liked bitcoin. I wasn't a fan of it, but I liked it. And I saved it from shutting down, which they'll never report. But I saved bitcoin. They'll never report that," Trump said during an interview with former House Speaker Newt Gingrich.

Trump's administration played a key role in shutting down the bitcoin mixer service, which was used by criminals to launder money.

The Treasury Department imposed sanctions on the service in 2023, effectively shutting it down. At the time, the administration said that the service had been used to support ransomware gangs and other cyber criminals.

The move was praised by some cybersecurity experts, who said that it was a necessary step to combat the growing threat of ransomware. However, others said that the administration was overstepping its bounds by regulating bitcoin.

"This is a clear case of the government getting involved in something that it's not supposed to be regulating, "said Paul Vigna, a reporter for the Wall Street Journal who covers bitcoin and blockchain technology. "Bitcoin is a decentralized technology, and it's supposed to