Ripple's founders lobbied for an XRP reserve, but got a sale in return Ripple and its co-founders spent tens of millions of dollars on political donations in hopes that the U.S. government would purchase XRP for its sovereign cryptocurrency reserve. But at 7:11 p.m. yesterday, their lobbying efforts were thwarted when
so-called crypto czar David Sachs tweeted the text of a signed executive order that Ripple and its #XRP army believe Donald Trump - despite explicit promises to buy XRP - will accept.
it has been revealed that he will not mandate this to the US government.
March 2, Trump said he would create a #cryptocurrency strategic reserve that would include XRP, but he did not do so. Instead, he signed an executive order designating XRP as a separate reserve for sale only.
Instead of becoming part of the U. S. cryptocurrency strategic reserve, XRP has unfortunately become an equity asset. The U. S. government cannot buy XRP, but can only hold or sell it.
Indeed, according to a document signed by President Trump, The U. S. Government may, in connection with criminal or civil asset forfeiture cases or without further administrative or legislative action . shall not acquire additional equity assets except to satisfy civil monetary penalties imposed by any agency.
XRP jumped 36% after President Trump promised to include it in his cryptocurrency strategic reserve.
Trump's March When he first promised to include XRP in the program on March 2, its price rose 36% within an hour. Since then, XRP has recovered all 10% of that increase.
US reserves can include other digital assets besides #bitcoin (BTC), such as Solana (SOL), Cardano (ADA) and Ethereum (ETH). In fact, #BTC is the only digital asset currently being legally purchased by the U. S. government. All other crypto-assets are held in a separate reserve solely for storage or sale.
Trump has created a BTC-only Bitcoin Strategic Reserve, which will be supplemented by BTC already acquired by the government through criminal and civil asset forfeiture proceedings. Currently, the U. S. government holds approximately 200,000 BTC, most of which is awaiting transfer to Bitfinex.
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