On March 3, Patrick Young, the marketing director of the Web3 application Galxe, told Cointelegraph (a cryptocurrency news media) that U.S. President Donald Trump's plan to establish a strategic cryptocurrency reserve is good news for the cryptocurrency industry, but it cannot replace clearer regulations.

In a post published on the social media platform Truth Social on March 2, Trump stated that he has instructed his government's digital asset working group to include Ripple's XRP, Solana's SOL, and Cardano's ADA in the U.S. government's cryptocurrency reserve.

He later added Bitcoin (BTC) and Ethereum (ETH) to the list, stating that they would become "the core of the reserve."

Since mid-2024, Trump has been promoting the plan to establish a U.S. strategic cryptocurrency reserve.

Source: Donald Trump

Trump's statement led to a brief surge in the prices of the cryptocurrencies mentioned in his post. Bitcoin's price rose above $90,000 but fell back to around $87,000 at the time of this article's publication.

Within the first 24 hours after Trump's announcement, Cardano's price surged by over 40%.

Young stated, "We all hope that more favorable regulatory policies for the industry will follow, but this could become a longer-term driver of performance in the cryptocurrency market."

Trump has appointed individuals who are friendly to the cryptocurrency industry to lead key regulatory agencies, including the U.S. Securities and Exchange Commission (SEC). The SEC has advanced many applications for U.S. cryptocurrency products that had been stalled during the previous administration.

Young remarked, "Everyone in the cryptocurrency industry is looking forward to seeing what the new leadership at the SEC will bring, especially regarding clear guidelines on what constitutes a security."

In February of this year, the SEC stated that meme coins are likely not considered securities.

Related: President Trump claims the cryptocurrency reserve will cover Bitcoin, Ethereum, Solana, Ripple, and Cardano

Young also added that Trump's inclusion of altcoins like Ripple and Cardano has sparked "accusations that Donald Trump may be trying to increase his own cryptocurrency wealth." Trump has accumulated various altcoins through entities he controls.

According to Adam O’Brien, CEO of the cryptocurrency education organization Bitcoin Well, this also poses a centralization risk for the planned cryptocurrency reserve.

O’Brien told Cointelegraph, "If we are going to include centralized assets, then why not include blue-chip stocks?" He further stated, "As we move towards centralized assets, away from crypto protocols, we are on a slippery slope."

Related: As Trump vigorously promotes his cryptocurrency reserve plan, Bitcoin's dominance falls below 50%

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