Trump names Bitcoin and others as part of coming ‘Crypto Strategic Reserve’

In a pair of social media posts today, President Donald Trump named some cryptocurrencies he says will be part of a Crypto Strategic Reserve being created by an executive order he signed in January. Those include Bitcoin and Ether, which he says “will be the heart of the Reserve.”

Trump said in the first of his two Truth Social posts that his order “directed the Presidential Working Group to move forward on a Crypto Strategic Reserve” that also includes XRP, Solana (SOL), and Cardano (ADA). Trump hinted at such a reserve on the campaign trail, telling attendees of a crypto conference last year that the US would never sell its Bitcoin holdings.

Under Trump, the Securities and Exchange Commission (SEC) has quickly backed away from the wary stance toward cryptocurrencies it held prior to Trump’s inauguration this year. The agency has recently dropped multiple investigations and lawsuits against cryptocurrency firms that alleged securities violations.

One of the currencies Trump mentioned today, Ripple’s XRP, was the subject of a 2020 SEC lawsuit in which a judge ruled that it functioned as an unregistered security, but only when Ripple sold it to institutional investors. The SEC appealed that decision in October last year; as of this writing, that appeal is ongoing.