Crypto
Trump announces US strategic cryptocurrency reserve featuring bitcoin and Ethereum – SiliconANGLE
President Donald Trump announced today the establishment of a U.S. strategic cryptocurrency reserve that will include bitcoin, Ethereum, XRP, Solana and Cardano.
“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 that includes XRP, SOL, and ADA,” Trump wrote on Truth Social. “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
In a follow-up post, the President added that “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”
The reference to the Biden administration refers to various actions taken, mostly by the U.S. Securities and Exchange Commission, against cryptocurrency companies during Biden’s term. During the election campaign, President Trump had promised cryptocurrency fans a much friendlier regulatory regime that would embrace digital assets and even create a “strategic reserve” of bitcoin.
The latter promise, a strategic reserve of bitcoin, has seemingly now turned into something larger, covering a number of leading cryptocurrencies.
With the announcement, the cryptocurrency market saw a significant surge in prices. Bitcoin (BTC) rose by approximately 10% to $94,182, while Ethereum (ETH) increased by about 12%. Other cryptocurrencies included in the reserve experienced even more substantial gains: Ripple (XRP) jumped 30%, Solana (SOL) rose 20% and Cardano (ADA) skyrocketed over 50%.
The announcement of the cryptocurrency reserve was well-received by those in the industry. Federico Brokate, head of the U.S. business at crypto exchange-traded fund issuer 21Shares, told Forbes that “the launch of a U.S. crypto strategic reserve marks a pivotal moment for digital assets, reflecting a major step in the government’s engagement with the crypto industry.”
Non-industry players, however, were not as supportive. Former Google LLC engineer and Kubernetes advocate Kelsey Hightower called the announcement “one of the biggest grifts of all time” on Bluesky.
The announcement of the cryptocurrency reserve comes ahead of the inaugural White House Crypto Summit, scheduled for this coming Friday, March 7. President Trump is hosting the event, which aims to bring together prominent founders, chief executive officers and investors from the cryptocurrency industry, as well as members of the President’s Working Group on Digital Assets.
The summit’s agenda is expected to focus on key topics such as regulatory policies, stablecoin oversight and the potential role of bitcoin in the U.S. financial system.
Image: SiliconANGLE/Ideogram
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Crypto
Standard Chartered and Coinbase Expand Institutional Crypto Rails as Banking and Exchange Infrastructure Lock in
The UK is set to introduce new legislation by 2027 that will bring cryptocurrencies, including Bitcoin, under a regulatory framework akin to traditional financial products.
The Treasury has unveiled plans for these new laws, which will mandate crypto firms to adhere to a specific set of standards and rules. These will be rigorously overseen by the Financial Conduct Authority (FCA).
This move comes amidst a broader push to reform the burgeoning crypto market, which has seen a surge in popularity as both an alternative investment and a method of payment.
Currently, unlike established financial instruments such as stocks and shares, the cryptocurrency sector lacks comparable regulation, potentially leaving consumers with reduced protection.
The Government said the new rules, coming into force in 2027, will make the industry more transparent and make it easier to detect suspicious activity, impose sanctions or hold firms to account over their activity.
Chancellor Rachel Reeves said: “Bringing crypto into the regulatory perimeter is a crucial step in securing the UK’s position as a world-leading financial centre in the digital age.
“By giving firms clear rules of the road, we are providing the certainty they need to invest, innovate and create high-skilled jobs here in the UK, while giving millions strong consumer protections, and locking dodgy actors out of the UK market.”
Crypto firms, which can include crypto exchanges and digital wallets, currently have to register with the FCA if they provide services that fall within the scope of money laundering regulations.
The changes will bring firms that provide crypto services into the remit of the FCA with the intention of supporting legitimate businesses.
City minister Lucy Rigby said: “We want the UK to be at the top of the list for cryptoassets firms looking to grow and these new rules will give firms the clarity and consistency they need to plan for the long term.”
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