- President Trump signed an executive order creating the Presidential Working Group on Digital Asset Markets, led by venture capitalist David Sacks, to explore the establishment of a strategic national digital assets stockpile.
- While many anticipated that the national reserve would primarily consist of Bitcoin, discussions about including Ripple have surfaced, sparking mixed reactions within the crypto community.
Just three days into his presidency, President Donald Trump signed an executive order on Thursday to explore creating a national digital asset stockpile. While many Bitcoin advocates had hoped for swift action to establish a Bitcoin-only reserve, the order instead focused on the feasibility of a broader national reserve of digital assets.
The executive order also established a Presidential Working Group on Digital Asset Markets, led by venture capitalist David Sacks. The group includes high-profile officials, such as the Treasury Secretary, the Attorney General, and the head of the Securities and Exchange Commission (SEC). Their mission is to craft a comprehensive federal strategy for regulating cryptocurrencies and stablecoins, laying the groundwork for the U.S. government’s approach to digital finance.
Currently, the U.S. government holds $21 billion worth of crypto assets, primarily Bitcoin. This includes 69,370 bitcoins, set to be auctioned by the U.S. Marshals at the end of 2024. However, discussions about diversifying the reserve to include additional cryptocurrencies have ignited debates within the crypto community.
Ripple Pushes for Inclusion in the Reserve
Reports suggest the Trump administration may prioritize U.S.-founded crypto assets like Ripple (XRP), Solana (SOL), and USDC for the proposed reserve. Ripple’s $5 million donation to Trump’s inauguration and ongoing dialogue with policymakers have added to speculation about the company’s influence on the administration’s crypto policies.
Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have reportedly met with President Trump and his advisors to advocate for XRP’s inclusion in the reserve. Garlinghouse highlighted that Ripple’s mission aligns with the administration’s vision of supporting American innovation and businesses.
In interviews, Garlinghouse has emphasized that a diversified reserve of digital assets would strengthen the U.S.’s competitive edge in the global crypto landscape. “A strategic reserve that combines Bitcoin with other technologies would make sense from both an innovation and a national security standpoint,” he argued.
Not everyone supports expanding the reserve beyond Bitcoin. Pierre Rochard, VP of Research at Bitcoin mining firm Riot Platforms, criticized the potential inclusion of XRP. He claimed Ripple’s lobbying efforts aim to divert attention from Bitcoin, undermining Trump’s campaign commitments to ban central bank digital currencies (CBDCs) and prioritize a Bitcoin-only reserve.
“The biggest obstacle for the Strategic Bitcoin Reserve is not the Fed, Treasury, or banks, it’s Ripple/XRP,” Rochard stated, underscoring his belief that Bitcoin should remain the sole asset in any national crypto reserve.
The idea of a diversified digital asset stockpile has sparked discussions across the crypto industry. Scott Melker, host of The Wolf of All Streets Podcast, shared rumors that the reserve could include both Bitcoin and XRP. While acknowledging the speculative nature of these claims, Melker indicated that his sources were credible. At press time, Bitcoin was trading at $105,380 after increasing by 3.62% in the last 24 hours and by 3.60% over the past week.
