Trump is open to a strategic cryptocurrency reserve that includes Solana and XRP, the New York Post has revealed

The cryptocurrency community is rallying behind Donald Trump’s inauguration scheduled for January 20, viewing it as a turning point that could reverse years of regulatory challenges faced by President Joe Biden’s administration.

This sentiment has been echoed by many industry stakeholders who believe the new administration will foster a more supportive environment for cryptocurrencies and blockchain technology.

An expected end to signs of reducing banking services, and the revival of the cryptocurrency sector

New York Post Reports With the rise of Donald Trump, industry leaders are said to be “optimistic” about a series of potential policy setbacks aimed at legitimizing cryptocurrencies.

The promise of immediate executive orders could pave the way for the creation of a bitcoin reserve and put an end to the controversial practice of debanking — where banks refuse to work with customers involved in cryptocurrencies.

The expected end of unbundling of banking is seen as crucial to the industry’s revival, because it will enable banks to handle digital assets, something they have been discouraged from doing in recent years.

Under the Biden administration, the cryptocurrency sector has faced what many have described as regulatory “harassment.” Initiatives such as Operation Chokepoint 2.0 aim to prevent banks from interacting with cryptocurrency companies, resulting in a negative impact on startups and innovation.

Investors like Nick Carter and Marc Andreessen have described these measures as a form of “privatized sanctions,” prompting many cryptocurrency companies to move offshore or abandon their plans entirely.

“Banks never tell you why they are denying you banking services,” Carter noted, highlighting the ambiguous nature of these decisions, which often indicate ambiguous reputational risks. The impact has been profound, stifling the industry and leaving startups struggling to find a foothold.

America-First Reserve featuring Solana and XRP?

While many are celebrating the expected pro-crypto initiatives proposed by the president-elect, one proposal has sparked controversy: the idea of ​​an America First strategic reserve, with priority given to US-based cryptocurrencies, including Solana and XRP.

The report also reveals that President-elect Donald Trump has dealt with the founders of these digital assets, indicating possible acceptance of the concept.

However, there are looming concerns about whether this focus on select coins like XRP and Solana could undermine broader support for Bitcoin, a digital asset that many in the community consider a cornerstone of the digital asset movement.

At the time of writing, XRP has reached its highest valuation in seven years, reaching $3.20, with a significant 16% gain in the 24-hour time frame alone.

Featured image from CNBC, chart from TradingView.com