In a groundbreaking move for the cryptocurrency industry, US President Donald Trump announced the establishment of a Crypto Strategic Reserve that includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA).
The announcement, made via social media, triggered a sudden surge in the digital asset market, with major cryptocurrencies experiencing significant price increases.
Following the announcement, Ripple CEO Brad Garlinghouse voiced his support for the initiative while emphasizing the importance of collaboration in the crypto industry. Garlinghouse said in a statement:
“I’ve said this before, if we work together the crypto industry will achieve our goals (and beyond). I applaud Crypto President Donald Trump’s vision of a sovereign digital asset reserve that represents the industry.”
Garlinghouse also took the opportunity to criticize the previous administration’s regulatory stance, particularly the SEC under Biden:
“Maximalism is the enemy of industry progress. I am pleased to see the President acknowledge that we live in a multi-chain world and that we are finally leaving behind the very broken thinking of Bill Hinman and the Biden administration’s SEC.”
In this statement, Garlinghouse also criticized those who wanted only Bitcoin to be in the strategic reserve.
The Ripple CEO also outlined his plans to defend the industry in Washington, saying:
“I will certainly continue to advocate for this when I am in Washington this weekend.”
A major cryptocurrency summit will be held at the White House on Friday, with Donald Trump also set to attend.
*This is not investment advice.
