Trump wants a crypto reserve, but Congress holds the bag
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The digital assets industry witnessed a major plot twist and investors have been loving it. US President Donald Trump said the United States would soon establish a strategic crypto reserve that will feature Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA). This declaration sent the crashing crypto market over the moon, regaining the crucial $3 trillion cumulative market cap. Its 24-hour trading volume jumped by a massive 196% to hit the $205 billion mark. However, even if Trump signs an executive order, the US Treasury won’t just start market buying BTC tomorrow. It still needs to get through Congress. Trump’s crypto reserve plan For the first time ever, a sitting US president acknowledged XRP, Solana, and Cardano alongside Bitcoin and Ethereum. Trump posted on his Truth Social account that “I will make sure the U.S. is the Crypto Capital of the World.” He even mentioned that the crypto reserve will elevate the industry after years of corrupt attacks by the Biden administration. Meanwhile, a US Strategic crypto reserve is far from becoming a reality overnight. It needs to be accepted and passed through Congress first. The Parliament has to draft, debate, and pass legislation. The drafted bill will need to define which digital assets are included, their weightings, and the reason behind adding them to the reserve. It doesn’t stop here, as the Council will seek funding sources needed to be allocated to build these reserves. Moreover, agencies like the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and Treasury are required to establish compliance rules. Congress, not Trump, holds crypto reserve power A US strategic crypto reserve faces legislative hurdles, as the creation of such stockpiles involves going through dark legal waters. The stance over the usage of cryptocurrencies looks widely separated globally. It…
Filed under: News - @ March 3, 2025 12:27 pm