President Trump announced a new executive order on Truth Social Sunday morning, directing his Presidential Working Group on Crypto, led by executive director Bo Hines, to "move forward" on a Crypto Strategic Reserve holding Solana, XRP, and Cardano.
"A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration," Trump wrote. "I will make sure the U.S. is the Crypto Capital of the World."
The announcement comes days before Trump is set to host an inaugural White House Crypto Summit. The President will deliver remarks to "prominent founders, CEOs, and investors from the crypto industry," at the event on Friday, which will be run by Hines and chaired by AI & Crypto Czar David Sacks.
The announcement notably excludes both Bitcoin and Ethereum, the top two cryptocurrencies by market cap. The federal government already holds at least $17 billion worth of Bitcoin, according to Arkham, and at least $120 million worth of ETH. The full text of the executive order was not immediately available.
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