In recent developments within the crypto industry, reports indicate that US President-elect Donald Trump is considering the establishment of a strategic reserve focused on US-based cryptocurrencies. This potential move, which could prioritize digital assets like USD Coin, Solana, and XRP, suggests a departure from Bitcoin, traditionally the dominant cryptocurrency. These discussions intensified following a meeting between Trump and executives from Ripple Labs, a company closely linked with XRP.
Reactions from the crypto community have been mixed. Some, like Almeida of Orquestra, have expressed disappointment with the potential sidelining of Bitcoin, criticizing the credibility of such a move. In contrast, others dismiss the claims as speculative or unfounded.
Meanwhile, the US Securities and Exchange Commission (SEC) has made strides in its ongoing legal battle with Ripple Labs, filing arguments in an appeals court in its case concerning whether XRP constitutes an unregistered securities offering. This comes in the wake of an earlier ruling that had partly sided with Ripple by recognizing sales to retail investors as not involving securities. Despite the SEC’s continued legal efforts, Ripple’s legal counsel remains firm in their stance against the commission’s arguments.
In separate news, the US government has moved to return cryptocurrencies seized following the 2016 Bitfinex hack back to the exchange. This motion includes approximately 94,643 BTC and other related assets, now worth significantly more due to current market values.
Overall, these developments underscore the dynamic nature of the cryptocurrency landscape, with regulatory actions, market rumors, and legal proceedings continuing to shape the industry.