Donald Trump Gives Update on Crypto Goals

President Donald Trump said Sunday that he aims to create a new U.S. Crypto Reserve, following up on an executive order related to cryptocurrency that he signed in January.

Newsweek reached out to the White House for comment via email on Sunday.

Why It Matters

Trump's comments about the new strategic reserve highlights his administration's goal of shoring up cryptocurrency, as well as making it a part of the nation's financial planning moving forward.

Trump has previously promised to be America's "first crypto president." He plans to host a White House Crypto Summit to discuss his vision further on Friday, and to work toward developing a regulatory framework to foster innovation and maintain financial stability. The proposed reserve could have significant implications for institutional adoption and regulatory clarity in the cryptocurrency space.

What to Know

Trump wrote on Truth Social on Sunday morning: "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 [Solana], and ADA [Cardano]. I will make sure the U.S. is the Crypto Capital of the World."

In a follow-up post, he wrote: "And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve. I also love Bitcoin and Ethereum!"

Trump's executive order, signed on January 23, tasks the Presidential Working Group on Financial Markets with creating guidelines for how to address digital financial technology moving forward. This working group includes representatives from the Treasury Department, the Federal Reserve, and the Securities and Exchange Commission (SEC), according to the Associated Press.

The move comes as crypto prices have dropped sharply in recent weeks. They initially surged ahead of Trump's inauguration, with Bitcoin hitting a record high in early December, a few weeks after Trump won last year's presidential election.

Trump and his wife, first lady Melania Trump, also launched their own meme coins just ahead of his inauguration on January 20. According to a disclaimer on the Trump Meme website, Trump Organization-affiliated entities hold 80 percent of the cryptocurrency, and will earn profits from the "trading revenue" generated through sales.

What People Are Saying

Armando Pantoja, who describes himself as a futurist and crypto investor, wrote on X, formerly Twitter, on Sunday: "Congrats all you #XRP holders! I bet the $XRP haters are punching the air right now."

Dean Baker, senior economist at the Center for Economic and Policy Research, told The Nation in January: "Crypto has no inherent value, so why would the government want to buy it? There is literally no rationale other than to give money to Trump and Musk and their crypto buddies. If they can tap into the government, they've found the ultimate sucker. And very soon, they will control the government."

Anthony Scaramucci, former Trump White House director of communications and co-host of The Rest Is Politics: US podcast, wrote on X in January: "Most dangerous thing for country about Trump coin is what comes next. Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks. Every favor—geopolitical, corporate or personal—is now on sale, right out in the open."

What Happens Next?

The Presidential Working Group is expected to release a preliminary report within the next three months, outlining potential regulatory adjustments. Congressional leaders have already signaled interest in reviewing the proposal.

More details may become clear on Friday when the president hosts the planned White House Summit.

Update, 3/2/25 at 12:18 p.m. ET: This article was updated with additional information.