The Solana price surged by 14% following reports of President-elect Donald Trump exploring a strategic reserve for cryptocurrencies, focusing on US-originated digital assets. The proposed reserve would prioritize cryptocurrencies such as Solana (SOL), USD Coin (USDC), and Ripple’s XRP.
In recent weeks, Trump has reportedly engaged with the creators of these cryptocurrencies, signaling potential support for the initiative. According to sources familiar with the discussions, the plan has sparked debates within the crypto community. Some insiders expressed concerns that emphasizing US-based digital currencies could overshadow global leaders like Bitcoin, which many enthusiasts consider foundational to the industry.
Despite the differing opinions, several industry figures are optimistic about the potential shift in US cryptocurrency policy. One source described it as a transformative opportunity for the sector, suggesting that this period could mark significant growth and adoption.
BREAKING: @realDonaldTrump IS RECEPTIVE TO IDEA OF CREATING AMERICA-FIRST STRATEGIC RESERVE THAT WOULD PRIORITIZE COINS FOUNDED IN THE U.S. SUCH AS $SOL AND $XRP – PER @nypost pic.twitter.com/0Pzhm6CwfX
— DEGEN NEWS (@DegenerateNews) January 16, 2025
The discussions come ahead of Trump’s inauguration-related celebrations, which include the first-ever Crypto Ball scheduled in Washington, DC, on January 20. The event has attracted attention for its high-profile sponsors, including Coinbase, Solana, MicroStrategy, Kraken, and Galaxy Digital. Tickets for the black-tie gathering range from $2,500 to $1 million, with the highest-tier package offering an exclusive dinner with Trump.
Anthony Pompliano, founder of Professional Capital Management, shared his optimism about regulatory advancements under Trump’s administration. He highlighted potential changes to accounting standards that could simplify Bitcoin transactions.
As the crypto market reacts to these developments, the latest Solana price increase indicates stronger market interest in anticipation of positive regulatory developments.
Also Read: US States Oklahoma and Texas Propose Bitcoin Reserve Bills