Crypto stocks spiked Monday after President Trump named the cryptocurrencies to be held in a U.S. strategic reserve.
Mr. Trump on Sunday said his January executive order on digital assets would establish a supply of currencies that include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL) and Cardano (ADA). The names had not previously been announced.
“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve,” Mr. Trump wrote on social media. “We are MAKING AMERICA GREAT AGAIN!”
Bitcoin, the world’s largest cryptocurrency, was up nearly 9% at more than $92,000 in early trading Monday.
The total cryptocurrency market climbed about 10%, or over $300 billion, within hours of Mr. Trump’s announcement, according to CoinGecko, a cryptocurrency data and analysis company.
Crypto leaders lauded Mr. Trump’s move. Brad Garlinghouse, CEO of Ripple Labs, said in a statement that the crypto industry will achieve its goals and beyond if they work together.
“Appreciate the crypto President @realDonaldTrump’s vision of a govt digital asset reserve representative of the industry,” Mr. Garlinghouse said.
“Maximalism is the enemy of the industry’s progress. Glad to see POTUS recognizing we live in a multichain world and that we’re finally moving past Bill Hinman and the Biden administration’s SEC’s very broken thinking,” he said.
Tracy Jin, COO of MEXC, said, “This move signals recognition of cryptocurrencies’ value and contribution to the national economy, their role in economic strategy, and the growing recognition of blockchain’s potential to drive innovation in the global shift to a digital economy.”
Mr. Trump’s announcement comes ahead of the White House’s first ever Crypto Summit which is scheduled for Friday and will include crypto industry leaders and members of the Presidential Working Group on Digital Assets.
The summit will be chaired by the White House AI and Crypto czar David Sacks and administered by Working Group Executive Director Bo Hines.
Mr. Trump campaigned on being America’s “first crypto president/” During his first week in office, he signed Executive Order 14178, which declared that “the policy of my administration [is] to support the responsible growth and use of digital assets … across all sectors of the economy.”
Many crypto firms have found their legal troubles with the federal government evaporate when the new administration came to power and the Securities and Exchange Commission withdrew from legal battles against the crypto industry.
Under interim SEC Chair Mark Uyeda and Commissioner Hester Peirce, the agency is reportedly dropping lawsuits at a rapid pace.
“After the previous administration unfairly prosecuted the digital asset space, President Trump;’ policy vision represents a new era for digital financial technology,” the White House said. “The administration is committed to providing a clear regulatory framework, enabling innovation, and protecting economic liberty.”
• Kerry Picket can be reached at kpicket@washingtontimes.com.
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