Trump Unveils Plan for U.S. Cryptocurrency Reserve

U.S. President Trump revealed plans to establish a strategic reserve of cryptocurrencies, including Bitcoin and Ether, spiking market values. This move suggests increased U.S. participation in the crypto space, possibly accelerating adoption and regulatory clarity. Analysts are divided on whether congressional approval is needed for the reserve.

U.S. President Donald Trump has announced the inclusion of five digital assets in a new U.S. strategic cryptocurrency reserve, sending market values soaring. Revealing this on social media, Trump identified Bitcoin, Ether, XRP, Solana, and Cardano as part of the reserve, following his January executive order on digital assets.

Trump's announcement, made through Truth Social, signals a potential shift in U.S. government participation in the crypto economy. Industry experts suggest this could accelerate institutional adoption and enhance regulatory clarity, positioning the U.S. as a leader in digital asset innovation.

Analysts are debating whether congressional approval is necessary for the reserve's establishment, as the U.S. Treasury's Exchange Stabilization Fund might suffice. Meanwhile, prices for major cryptocurrencies fell, erasing previous gains, against a backdrop of expected regulatory changes under Trump's administration.

(With inputs from agencies.)