In recent developments within the cryptocurrency sphere, President-elect Donald Trump is reportedly considering establishing a strategic reserve that would prioritize US-based cryptocurrencies. According to sources from the New York Post, this potential reserve could focus on cryptos like USD Coin (USDC), Solana (SOL), and XRP, possibly sidelining Bitcoin, the largest cryptocurrency by market cap. This speculation has spurred controversy within the crypto community, especially after Trump’s meeting with Ripple executives, prompting social media debates.
Concurrently, the US Securities and Exchange Commission (SEC) filed a brief appealing a previous ruling in its case against Ripple Labs. The SEC seeks to overturn a ruling that concluded XRP, when sold to retail investors, did not constitute an unregistered securities offering. Ripple’s chief legal officer criticized the filing, indicating the arguments were not new.
In another noteworthy issue, the US government has moved to return Bitcoin seized from the 2016 Bitfinex hack to the exchange. Legal motions propose the restitution of about 94,643 BTC and additional amounts from hard forks. At the time of the hack, the value of the stolen Bitcoin was $72 million, which has since surged to over $11.8 billion, sparking discussions on compensation approaches taken by Bitfinex for the hack’s victims.