The US government's approach to cryptocurrency is facing renewed scrutiny as industry leaders call for clearer policies on digital assets. While President Donald Trump has moved to establish a national crypto reserve—including Bitcoin, Ethereum, XRP, Solana, and Cardano—regulatory uncertainty remains a key challenge. Custodia Bank CEO Caitlin Long recently criticized the administration for failing to address crypto debanking issues, arguing that financial institutions still face restrictions when engaging with digital assets. Meanwhile, the Securities and Exchange Commission (SEC) has taken steps toward a more crypto-friendly stance, leaving industry stakeholders eager to see if banking regulators will follow suit. With a White House Crypto Summit scheduled for March 7, discussions around regulation, financial inclusion, and the role of digital assets in the US economy are set to take center stage. Trump Expands US Crypto Reserve to Include XRP, Solana, and Cardano—Bitcoin and Ethereum Added as Core Holdings President Donald Trump has directed the President’s Working Group on Digital Assets to include XRP (XRP), Solana (SOL), and Cardano (ADA) in the country’s strategic crypto reserve. The announcement marks a pivotal moment in the mainstream adoption of cryptocurrencies, as the United States seeks to solidify its position in the evolving global digital economy. Trump later expanded the list to include Bitcoin (BTC) and Ether (ETH), declaring that these two cryptocurrencies would form the ”heart of the reserve.” This move aligns with his previously stated ambitions to establish a national Bitcoin stockpile, a promise he made during the Bitcoin 2024 conference in Nashville, Tennessee. During his keynote speech at the Bitcoin 2024 conference, Trump reaffirmed his administration’s commitment to Bitcoin. His announcement initially resonated strongly with Bitcoin supporters, who saw it as a validation of the cryptocurrency’s role in the global financial system. However, the subsequent inclusion of XRP, Solana, Cardano, and Ethereum has sparked debate among crypto purists, particularly Bitcoin maximalists, who argue that only Bitcoin should be considered a national asset. The inclusion of multiple cryptocurrencies in the national reserve represents a significant policy shift in how the US government views digital assets. While Bitcoin remains at the forefront of Trump’s strategy, the addition of XRP, Solana, and Cardano suggests a broader vision for the country's engagement with blockchain technologies. XRP: Known for its fast transaction speeds and focus on cross-border payments, XRP's inclusion could indicate that the US sees value in leveraging blockchain for global financial transactions. Solana (SOL): With its high throughput and low fees, Solana has been increasingly positioned as a scalable solution for decentralized applications (dApps) and finance. Cardano (ADA): Cardano’s emphasis on security, sustainability, and formal verification may have played a role in its selection for the reserve. Ethereum (ETH): As the backbone of the decentralized finance (DeFi) and NFT industries, Ethereum’s inclusion signals an acknowledgment of its crucial role in digital asset ecosystems. The decision to create a diversified digital asset stockpile also raises questions about future regulatory frameworks. The President’s Working Group on Digital Assets is now tasked with determining how these assets will be acquired, stored, and managed. Bitcoin Maximalists React to Trump’s Broader Crypto Strategy While Trump’s Bitcoin -centric narrative previously garnered strong support from Bitcoin-only advocates, his latest executive order has triggered disappointment among hardcore maximalists. The Jan. 23 order, which directed the establishment of a ”digital asset stockpile” rather than a strictly Bitcoin-only reserve, led some in the community to voice concerns over dilution of Bitcoin’s primacy. Bitcoin-focused commentators quickly took to social media to express their discontent. Walker, host of THE Bitcoin podcast, criticized the move. Similarly, Pierre Rochard, Vice President of Research at Riot Platforms, pointed out that Trump’s order diverged from earlier promises made to Bitcoiners. Despite the backlash, some industry leaders view the expanded reserve as a pragmatic decision that acknowledges the diversity of use cases within the crypto sector. By incorporating multiple cryptocurrencies, the US government is hedging against reliance on a single blockchain network. Trump’s decision to include a range of cryptocurrencies in the national reserve also coincides with his ban on research and development of a central bank digital currency (CBDC) in the United States. His executive order explicitly prevents US agencies from pursuing CBDC initiatives, aligning with the Republican party’s broader skepticism toward central bank-backed digital currencies. Meanwhile, Republican lawmakers have announced the formation of a bicameral crypto working group, which will work alongside Trump’s administration to craft policy measures that favor private-sector blockchain development while limiting government control over digital assets. Trump’s move to build a multi-crypto reserve has significant economic and political ramifications. While it positions the United States as an aggressive player in digital asset accumulation, it also raises concerns over regulatory clarity, potential volatility, and the challenge of managing a diverse set of digital assets at the government level. Caitlin Long Blasts US Government for Inaction on Crypto Debanking, Calls for Regulatory Overhaul Despite a shift in tone from the US SEC since President Donald Trump returned to the White House, the federal government has done little to address the issue of crypto debanking, according to Custodia Bank CEO Caitlin Long. Speaking at ETHDenver on Feb. 28, Long criticized federal banking agencies for maintaining restrictive policies toward cryptocurrency firms, arguing that no substantial changes have been made to ease the financial sector's stance on digital assets. The crypto-friendly banking executive added that, while she believes regulatory change is inevitable, Trump has yet to propose a clear path forward for digital assets within the US banking system. Long’s comments highlight an ongoing struggle between crypto firms and traditional banks, as US regulators have historically viewed the industry as a high-risk sector. Since Trump’s Jan. 20 inauguration, crypto advocates had hoped for a more lenient banking environment, especially given the President’s vocal support for Bitcoin and other digital assets. However, according to Long, the federal regulatory landscape remains largely unchanged. The lack of movement has frustrated many within the blockchain industry, particularly in the wake of Operation Chokepoint 2.0—a federal effort under former Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, which allegedly sought to debank crypto-related businesses. Gruenberg, a longtime opponent of cryptocurrency banking integration, stepped down as FDIC Chair earlier this year. His replacement, Acting Chair Travis Hill, has yet to signal a definitive policy shift, leaving crypto banking regulations in limbo. While banking agencies have resisted change, the SEC has made a dramatic pivot in its crypto policy under Trump’s administration. Just one day after Trump’s inauguration, the SEC established a Crypto Task Force, led by commissioner Hester Peirce, to reframe the agency’s stance on digital assets. One of its first actions was rescinding Staff Accounting Bulletin 121 (SAB 121)—a controversial rule that required financial firms to record crypto holdings as liabilities on their balance sheets. The repeal of SAB 121 was widely celebrated within the crypto industry, as it had previously discouraged banks from offering custodial services for digital assets. Long acknowledged this ”massive 180” in policy, stating that she hopes a similar shift will soon follow in banking regulations. Beyond banking access, Long emphasized the urgent need for stablecoin regulation. While she believes new legislation is on the horizon, she warned that stronger consumer protections are necessary—particularly in how banks hold cash reserves. Long cited the collapse of Silvergate Bank, a once-prominent crypto-friendly institution, as evidence that poor banking practices can destabilize even the most promising financial models. To protect consumers and ensure the stability of digital assets, Long called for stablecoin issuers to be required to hold cash reserves equal to their outstanding liabilities. What’s Next for Crypto Banking Under Trump? While Trump has vocally supported Bitcoin and other digital assets, his administration’s lack of movement on crypto banking policy remains a key concern. If the White House fails to address these regulatory hurdles, it could undermine America’s ability to remain competitive in the global blockchain sector. With the first-ever White House Crypto Summit scheduled for March 7, industry leaders and policymakers will have an opportunity to discuss the future of digital asset regulation. Long and other crypto executives will likely push for: Overturning restrictive banking policies to allow financial institutions to safely engage with digital assets. A clear regulatory framework for stablecoins, ensuring they are backed by adequate reserves. Leadership changes at key financial agencies, such as the FDIC, to encourage innovation rather than suppression of digital finance. As the Trump administration continues to shape its approach to crypto regulation, the industry is watching closely to see whether banking access will finally open up to digital asset businesses—or if anti-crypto policies will persist. Caitlin Long’s criticisms shed light on the ongoing tension between crypto innovators and traditional financial regulators. While the SEC’s policy shift offers a glimmer of hope, banking restrictions remain a significant barrier for crypto businesses in the United States. With Trump’s administration still formulating its approach, the industry will be looking to the March 7 White House Crypto Summit for concrete action on crypto banking reform. Until then, Long’s message is clear—the government has done nothing yet, and time is running out for meaningful change.
