- Ripple pushed for SOL to make the inclusion of XRP appear more legitimate.
- Donald Trump will reveal new details about the reserve’s composition.
- Former Morgan Stanley executive Michael Grimes is expected to lead the Sovereign Wealth Fund.
Executives at Ripple Labs proposed to US President Donald Trump the inclusion of SOL in the Strategic Blockchain Reserve (SBR), announced on March 2. This move is intended to lend more legitimacy to the addition of XRP, reports Unchained, citing sources.
Ripple CEO Brad Garlinghouse emphasized the importance of collaboration within the crypto industry. According to him, the Trump administration’s approach reflects a shift towards a world with diverse blockchain solutions, “free from excessive maximalism.”
I’ve said this before — the crypto industry will achieve our goals (and beyond), IF WE WORK TOGETHER. Appreciate the crypto President @realDonaldTrump’s vision of a govt digital asset reserve representative of the industry.
Maximalism is the enemy of the industry’s progress.… https://t.co/GiAAI1NuRk
— Brad Garlinghouse (@bgarlinghouse) March 2, 2025
At the time of writing, XRP is trading at $2.54, up 2.9% over the past 24 hours (data from CoinGecko).
Crypto Summit
The first crypto summit will be held at the White House on March 7. The forum is expected to reveal new details about the reserve’s composition, which will likely include ADA alongside XRP and SOL.
US Commerce Secretary Howard Lutnick hinted that Bitcoin will receive a “special status” under Trump’s plans, while the attitude towards other cryptocurrencies will be “positive.”
On the prediction platform Polymarket, the probability of XRP being included in the reserve is estimated at 29%, comparable to SOL’s 28%. In comparison, Bitcoin’s estimate is 65%, and Ethereum’s is 42%.
“We Will Win”
Cardano founder Charles Hoskinson stated in a live broadcast that he was unaware of Trump’s intention to include ADA in the crypto reserve.
“We earned this by proving ourselves on bad days, and there will be more, and we will win,” he commented.
The price of ADA has decreased by 0.2% over the past 24 hours to $0.9446.
A Dream for Bitcoin Maximalists?
Bitwise Chief Investment Officer Matt Hougan noted that market participants reacted with skepticism to the announcement of altcoins being included in the crypto reserve. According to him, the inclusion of small-cap assets in the SBR “unnecessarily complicated matters.”
“When the dust settles, I suspect the final reserve will be almost entirely composed of Bitcoin, and it will be larger than people think,” Hougan stated.
The price of the first cryptocurrency surged on news of its inclusion in the SBR, but then fell below $83,000 and recovered to $91,384 on March 6.
The Collapse of Decentralization?
Solana co-founder Anatoly Yakovenko argues that it is better not to create a crypto reserve. According to him, if the government manages the SBR, it will “lead to the collapse of decentralization.”
My reserve order of preference
1. No reserve, because if you want decentralization to fail you’d put the government in charge of it.
2. Or states run their own reserve as a hedge against the fed making a mistake
3. Or if there has to be a reserve, it’s based on objectively… https://t.co/LfYXCIeRnG
— toly ?? (@aeyakovenko) March 6, 2025
“Or states run their own reserves as a hedge against mistakes by the Fed, or the SBR should be based on objectively measurable requirements. […] If there is a goal to achieve, the Solana ecosystem will handle it,” Yakovenko stated.
The price of SOL is $148.95, with a daily increase of 3.3%.
According to Reuters, former Morgan Stanley executive Michael Grimes is expected to lead the Sovereign Wealth Fund proposed by Trump, funded by revenues from foreign tariffs. Discussions are ongoing, and a final decision has yet to be made.
Back on March 3, Euro Pacific Capital President and Bitcoin critic Peter Schiff urged Congress to launch an investigation into Trump’s actions, which he called “the biggest crypto scam in history.”