U.S Government Keeps Ripple’s XRP on Bench
Donald Trump stated that the US government won't purchase XRP in building the crypto strategic reserve, which didn't sit well with the XRP community
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Donald Trump stated that the US government won’t purchase XRP in building the crypto strategic reserve, which didn’t sit well with the XRP community
Trump did not establish a Crypto Strategic Reserve that would include XRP. He signed an order relegating XRP to a separate stockpile that could only be sold. Unfortunately, XRP is a Stockpile Asset rather than joining any US Strategic Crypto Reserve. The US government is only allowed to keep or sell XRP; it is not permitted to purchase it.
Ripple and its co-founders donated tens of millions of dollars to political campaigns on the expectation that the US government would purchase XRP as a sovereign cryptocurrency reserve.
Ripple and its XRP Army discovered this when so-called “Crypto Czar” David Sacks tweeted the text of a signed executive order.
BankXRP raised attention to Sacks’ retweet, particularly that Trump highlighted XRP, Solana (SOL), Cardano (ADA), and other altcoins because they are among the top five cryptocurrencies by market capitalization.
“I think people are overanalyzing this a bit too much,” Sacks said, implying that these assets might not signal a profound strategic intent. Sacks admitted to being unsure about the government’s cryptocurrency holdings.
Although he acknowledged that the government does possess Bitcoin and probably some Ethereum, he pointed out that a thorough accounting is required.
He also underlined how America has not been able to fully capitalize on the value of cryptocurrencies in the past due to a lack of a clear digital asset strategy. The lack of transparency has led to many conjectures, especially about whether the government already owns XRP, Solana, or Cardano, just as there has been conjecture about whether Trump owns XRP.
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