President Donald Trump announced a Crypto Strategic Reserve, boosting prices of Bitcoin, Ethereum, XRP, Solana, and Cardano. This initiative aims to rejuvenate the cryptocurrency sector amid previous administration’s challenges and aligns with a new Executive Order promoting digital asset regulation. The SEC’s dismissal of a lawsuit against Coinbase marks a shift towards transparency in the cryptocurrency landscape.
On March 2, 2021, President Donald Trump announced via social media his intention to establish a Crypto Strategic Reserve in the United States, highlighting five cryptocurrencies: Bitcoin, Ethereum, XRP, Solana, and Cardano. Trump asserted that this initiative would revitalize the cryptocurrency sector, which he claims faced numerous challenges during the prior Biden administration. “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!” he stated on Truth Social.
Following Trump’s announcement, there was a notable increase in cryptocurrency prices. Cardano experienced a remarkable surge of 70%, while XRP rose by 30% and Solana by 20%. Both Bitcoin and Ethereum saw an increase of 10%, reflecting the market’s positive response to the proposed reserve.
This declaration aligns with an Executive Order signed by Trump on January 23, which aims to create a regulatory framework for digital assets. The order expresses the administration’s commitment to promoting the responsible growth and utilization of digital assets across various economic sectors, recognizing their importance for innovation and economic development in the United States.
The Executive Order seeks to counteract directives established by former President Joe Biden in March 2022, which focused on regulating digital assets to mitigate risks for consumers and investors. Trump’s policy emphasizes enhancing the United States’ leadership role in digital finance, eschewing previous regulatory constraints.
Moreover, the U.S. Securities and Exchange Commission (SEC) recently dismissed its ongoing lawsuit against Coinbase, a leading cryptocurrency exchange in the U.S. This development, occurring on February 27, suggests a shift towards a more transparent regulatory environment that prioritizes public engagement rather than punitive measures.
In summary, President Trump’s announcement of the Crypto Strategic Reserve has led to a significant increase in cryptocurrency prices, marking a decisive shift in U.S. digital asset policy. The new Executive Order aims to promote the responsible development of cryptocurrencies, contrasting with the regulations set by the previous administration. The SEC’s recent actions indicate a movement toward fostering a supportive regulatory atmosphere for digital assets in the United States.
Original Source: www.moroccoworldnews.com
