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Market Cap
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13105
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Bitcoin Share
Coinpaper 2025-03-06 12:50:25

U.S. Crypto Reseve: Ripple lobbies Solana, and Bitcoin gets special status

U.S. Crypto Reseve: Ripple lobbies Solana, and Bitcoin gets special status

Ripple Labs executives have proposed to US President Donald Trump to include SOL in the Strategic Digital Asset Reserve (SBR), which was announced on 2 March. The move should make the addition of XRP more legitimate, Unchained wrote. Ripple CEO Brad Garlinghouse emphasised the importance of working together in the crypto industry. He said the Trump administration's approach reflects a move toward a world with diverse blockchain solutions, ”free from excessive maximalism.” At the time of writing, XRP is trading at $2.58, having added 3.7% overnight. Crypto Summit On 7 March, the White House will host its first crypto summit. The forum is expected to reveal new details about the composition of the reserve, which is likely to include ADA alongside XRP and SOL. US Commerce Secretary Howard Lutnick hinted that bitcoin would receive ”special status” under Trump's plans and that other cryptocurrencies would be treated ”positively”. Prediction platform Polymarket puts the probability of XRP appearing in the reserve at 29 per cent, which compares to the figure for SOL (28 per cent). By comparison, the estimate for bitcoin is 65% and for Ethereum is 42%. ”We're going to win” Cardano founder Charles Hoskinson said in a live broadcast that he was unaware of Trump's intention to include the ADA in the cryptocurrency reserve. ”We deserve it for showing up on bad days, and there will be more of them, and we will win,” he commented. . The price of ADA fell 6.8% over the past 24 hours. A dream of bitcoin maximalists? Bitwise Chief Investment Officer Matt Hougan noted that market participants treated the announcement to include altcoins in the crypto reserve with distrust. He said small-capitalisation assets within the SBR had ”unnecessarily complicated the situation”. ”When the dust settles, I suspect the final reserve will be made up almost entirely of bitcoin, and it will be bigger than people realise,” Hougan said. The price of the first cryptocurrency jumped on news of its inclusion in the Special Crypto Reserve, but then dipped below $83,000 before recovering to $91,384 on 6 March. The collapse of decentralisation? Solana co-founder Anatoly Yakovenko argues that it is better not to create a crypto-reserve. According to him, if the government manages the SBR, it will ”lead to the collapse of decentralization”. The SOL exchange rate is $150.15, with a daily gain of 1% per cent. According to Reuters , former Morgan Stanley executive Michael Grimes will lead Trump's proposed Sovereign Wealth Fund, funded by revenue from foreign tariffs. Discussions are ongoing, the final decision has not yet been made. Recall, on 3 March, Euro Pacific Capital president and bitcoin critic Peter Schiff called on Congress to start an investigation into Trump's actions, which he called ”the biggest crypto scam in history.”

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