The weirdness around rump's "US Crypto Reserve" announcement [View all]
Ethical questions are swirling around Trump’s plan. So are practical ones.
by Andrew Prokop
Mar 3, 2025, 1:12 PM EST
... In a TruthSocial post, Trump said he’d directed his advisers to “move forward” on creating a “Crypto Strategic Reserve,” and that it would include the cryptocurrencies XRP, Solana, and Cardano. In a follow-up post, he added that Bitcoin, Ethereum, and “other valuable Cryptocurrencies will be at the heart of the Reserve.”
Naturally, the announcement sent crypto prices — which had been trending downward since Trump’s inauguration — shooting higher on Sunday, particularly among the specific tokens Trump named. But some of the market enthusiasm wore off on Monday as questions deepened about what Trump’s announcement actually meant and whether it would be meaningful.
The announcement also set off alarm bells from those concerned about corruption and cronyism. Not only did Trump seem to suggest government plans to favor an industry some of his top supporters have heavily invested in, but he called out specific cryptocurrencies, including some lesser-known ones, by name.
How exactly did he come up with that list? And was he proposing to spend taxpayer money not only on buying crypto, but on picking favorites in the market, to make his allies richer? ...
https://www.vox.com/politics/402310/trump-us-crypto-reserve-sacks-xrp-solana-cardano
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