Trump Signs Order Creating a Crypto Strategic Reserve That Includes XRP, SOL, and ADA

In a social media post on Sunday, Trump said he had signed an order which "directed the Presidential Working Group to move forward on a Crypto Strategic Reserve"

Former President Donald Trump said on Sunday that he had signed an order directing the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.

“I have just signed an Order directing the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” Trump wrote in a social media post.

About an hour later he added in another post: “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve.”

The first three coins he named on Sunday saw massive gains of up to 62%.

Bitcoin and Ethereum also jumped by more than 10% each.

The posts marked a new upward turn for crypto prices, which had dropped sharply since spiking after his election.

Shortly after taking office in January, Trump signed an executive to create a presidential working group tasked with proposing new crypto laws and regulations.

The order called on the group to “evaluate the potential creation and maintenance of a national digital asset stockpile” that could use “cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts”.

It is unclear whether creating a new national strategic stockpile would require an act of Congress.

Trump had previously been a crypto critic, telling Fox News in 2021 that Bitcoin is a “scam”.

But in recent weeks, both he and his wife Melania Trump have launched their own cryptocurrencies, leading to accusations that they are trying to profit from his White House policies.