US President-elect Donald Trump is reportedly considering establishing a strategic reserve of US-based cryptocurrencies, potentially prioritizing digital assets like USD Coin, Solana, and XRP, in a move that could sideline Bitcoin.
These discussions gained momentum following a meeting between Trump and executives from Ripple Labs, a company closely associated with XRP.
While some members of the crypto community expressed disappointment with the possible sidelining of Bitcoin, questioning the credibility of such a move, others dismissed the claims as speculative or unfounded.
In a separate development, the US Securities and Exchange Commission (SEC) has filed arguments in an appeals court regarding its case against Ripple Labs over whether XRP constitutes an unregistered securities offering.
This follows an earlier ruling that had partially sided with Ripple by deeming sales to retail investors as non-involving securities.
However, Ripple's legal counsel maintains their stance against the SEC's arguments despite the commission's legal efforts.
In another legal matter, the US government has taken steps to return cryptocurrencies seized following the 2016 Bitfinex hack back to the exchange.
The motion involves approximately 94,643 BTC and other related assets, which have now appreciated substantially in value due to current market conditions.
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