The cryptocurrency community is eagerly awaiting Donald Trump’s inauguration on January 20, seeing it as an opportunity to move beyond the strict regulations it faced under the Biden administration. According to a recent report from the New York Post, President-elect Donald Trump plans to create an “America First” crypto reserve that will focus on US-based cryptocurrencies like Solana ($SOL), Ripple ($XRP) and USD. Coin ($USDC).
Trump strongly supports crypto initiatives
The next few days and weeks are going to be very busy as the Trump administration returns to Washington, DC, and plans to introduce new executive orders focused on cryptocurrency.
The New York Post reports that President-elect Donald Trump is considering creating an “America First” strategic reserve that would favor U.S.-based cryptocurrencies like USDC, SOL, and XRP. The report mentions that Trump recently met with the creators of these cryptocurrencies and is open to the idea.
Also read: Crypto News Today (January 16, 2025): Bitcoin price approaches $100,000 | ETH and SOL Lead Altcoin Market Surge
The plan to issue decrees soon could lead to the creation of a Bitcoin reserve and prevent banks from refusing to work with cryptocurrency clients.
One of Trump’s main crypto promises is the creation of a national Bitcoin reserve. Pending the launch of this plan, several public companies are now starting to include Bitcoin in their financial reserves.
Meanwhile, some states are also getting involved. For example, Oklahoma Representative Cody Maynard recently introduced a bill that would allow the state treasurer to invest in cryptocurrencies like bitcoin and stablecoins.
The initiative is part of a larger effort with states like Texas, Pennsylvania, and Ohio also planning to create their own crypto reserves.
Trump’s approach relieves the entire market
The crypto market is finally getting some relief after years of tough actions from the Biden administration. Under the Biden administration, banking regulators at the Federal Deposit Insurance Corporation (FDIC) ordered banks not to engage with cryptocurrency companies, halting the industry’s growth.
Venture capitalist Marc Andreessen called these actions “terrorizing” for startups. Thus, the latest initiatives taken by Trump to promote the market have stimulated purchasing demand.
Trump’s pledges included firing SEC Chairman Gary Gensler, pardoning Silk Road founder Ross Ulbricht, creating a presidential crypto advisory board, rescinding SAB 121, stopping ” “Operation Choke Point 2.0” and the transformation of the United States into a leading mining center for bitcoin. Following these announcements, Gensler confirmed that he would be leaving the SEC.
Coinpedia previously reported that Trump’s revamped SEC plans to drop security claims and create new cryptocurrency policy.
Additionally, David Sacks, Trump’s choice as crypto and AI policy advisor, is hosting the first-ever Crypto Ball in Washington, DC this weekend. With sponsorship from key industry leaders such as Coinbase, Solana and Galaxy Digital, the event highlights the administration’s dedication to promoting blockchain technology.
