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The U.S. prepares for its leadership transition, cryptocurrency is set to take center stage in the country’s policy discussions. According to reports from Bloomberg, President-elect Donald Trump is planning to issue an executive order that will prioritize cryptocurrency in the U.S., elevating it as a national policy initiative. The move could have significant implications for how digital assets are regulated and integrated into the broader financial system.
Upon taking office, Trump is expected to sign an executive order aimed at elevating cryptocurrency to a “national imperative.” This order, which could be signed as early as January 20, 2025, is set to guide U.S. government agencies in their dealings with the crypto industry. The primary goal of the order is to create a more cooperative regulatory environment between the government and the crypto sector, ensuring that cryptocurrency’s growth is supported rather than hindered.
The executive order will likely also call for the formation of a “crypto advisory council,” which will serve as a platform for industry leaders to voice their concerns and ideas regarding policy. This move underscores Trump’s desire to actively engage with the crypto community and facilitate an environment conducive to innovation.
The report notes that the creation of the advisory council will ensure that key stakeholders in the cryptocurrency space—such as developers, investors, and entrepreneurs—have a voice in shaping the future of digital assets in the U.S. This is seen as a proactive step by Trump’s administration to align government policies with the rapidly evolving crypto sector.
Alongside the executive order, there is increasing speculation that Trump may also push for the creation of a national strategic reserve for cryptocurrencies, focusing specifically on U.S.-founded digital assets. According to sources from the New York Post, the reserve could prioritize coins such as USD Coin (USDC), Solana (SOL), and Ripple’s XRP, while potentially sidelining Bitcoin (BTC).
The U.S. government is already known to hold over 200,000 Bitcoin, which was seized from criminal activities such as the Silk Road operation. The idea of creating a strategic reserve would mean that these holdings, as well as other U.S.-based cryptocurrencies, could play a central role in shaping the country’s financial future.
Ripple CEO Brad Garlinghouse recently dined with Trump, which has further fueled speculation that the incoming administration may favor XRP as part of its broader crypto agenda. While the idea of sidelining Bitcoin in favor of altcoins has fueled controversy within the crypto community, it’s clear that Trump’s administration is keen on shaping a crypto policy that places an emphasis on U.S.-based innovations.
As the U.S. shifts its focus toward crypto, the market is responding positively, particularly with XRP. The altcoin has entered a price discovery phase for the first time since 2017, setting new all-time highs across multiple exchanges. XRP’s price surge is attributed to a variety of factors, including increasing investor confidence and the ongoing legal battles that could lead to a favorable resolution for Ripple Labs.
In the past three months, XRP has experienced consecutive positive price movements, with some analysts suggesting that the token could break its previous all-time high if it surpasses the $3.40 mark. Additionally, XRP’s open interest has soared to $7.9 billion, a new record for the token, signaling that more traders are betting on its future performance. Over the last 24 hours, XRP’s futures volume has doubled, further underscoring the excitement around the token.
The token’s current trajectory is also being influenced by the speculation surrounding the U.S. government’s potential role in shaping the crypto landscape. The market appears to be pricing in favorable regulatory developments, which is likely contributing to XRP’s ongoing rally.
The idea of prioritizing U.S.-based cryptocurrencies in a strategic reserve has fueled mixed reactions within the crypto community. Some supporters of Bitcoin argue that the concept undermines the decentralized ethos of cryptocurrencies by focusing on a select few tokens that may have geopolitical or national interests at heart. On the other hand, proponents of Ripple and Solana argue that this move could help strengthen the U.S. economy by prioritizing American-made digital assets.
Almeida, co-founder of Orquestra, expressed his disappointment at the possibility of sidelining Bitcoin in favor of altcoins. He criticized the idea, claiming it would tarnish the credibility of the U.S. crypto agenda. Meanwhile, some have dismissed the reports as “fake news,” with David Bailey, CEO at BTC Inc., mocking the idea of calling Ripple the “Kamala coin.”
Despite the criticism, the conversations around a potential U.S.-based crypto reserve are indicative of the growing political interest in digital assets. As more governments around the world seek to regulate cryptocurrencies, the U.S. is taking steps to ensure that it remains at the forefront of the crypto revolution.
The announcement of Trump’s executive order and the possibility of a strategic reserve have had a notable impact on the crypto markets. As of today, the total market capitalization of cryptocurrencies has risen by 1%, reaching $3.72 trillion. Bitcoin and XRP have been the primary drivers of this surge, with XRP’s price reaching new highs as the market responds to the speculation surrounding U.S. crypto policy.
With Trump’s planned executive order and the discussions surrounding a U.S.-focused crypto reserve, it’s clear that the relationship between politics and cryptocurrency is becoming more intertwined. As these developments unfold, the crypto community is watching closely to see how they will shape the future of digital assets in the U.S.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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