U.S. President Donald Trump announced on social media Sunday, March 2, his plan to establish a Crypto Strategic Reserve, naming five cryptocurrencies—Bitcoin, Ethereum, XRP, Solana, and Cardano—as key assets.
Trump argued that this initiative would revitalise the crypto industry, which he claimed suffered under the Biden administration’s policies.
“I will make sure the U.S. is the crypto capital of the world. We are MAKING AMERICA GREAT AGAIN!” he wrote on Truth Social.
Following the announcement, cryptocurrency prices surged. Cardano led the rally with a 70% increase, while XRP and Solana rose by 30% and 20%, respectively. And Ethereum also saw a 10% rise.
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This move aligns with an executive order Trump signed on January 23, which aims to create a clear regulatory framework for digital assets, reinforcing the U.S.’s leadership in financial technology.
The directive promotes responsible adoption of digital currencies across various economic sectors and seeks to enhance innovation while positioning the U.S. at the forefront of the global crypto market.
Trump’s order overturns a 2022 directive by former President Joe Biden, which prioritised risk mitigation for consumers, investors, and businesses in the digital asset space.
Additionally, on February 27, the U.S. Securities and Exchange Commission (SEC) dismissed its lawsuit against Coinbase, the country’s largest cryptocurrency exchange, signalling a shift towards clearer regulations that involve public engagement rather than strict enforcement actions.
![President Emmerson Mnangagwa has appointed FBC Holdings Limited Group CEO, Dr John Mushayavanhu, as the new governor of the Reserve Bank of Zimbabwe (RBZ). He will replace Dr John Mangudya whose second term ends in April next year. Dr Mangudya will become CEO of the newly established Mutapa Investment Fund. Read Also: Mthuli Ncube defends his 2024 National Budget tax regime The announcement was made on Friday by Dr Martin Ruswaya, chief secretary to the President and Cabinet. “His Excellency the President has in terms of Section 8 (b) (1) of the Sovereign Wealth Fund Act [Chapter 22:20] appointed Dr. John Panonetsa Mangudya to the post of CEO of the Mutapa Investment Fund. Dr. Mangudya’s 10-year term of office at the helm of the Reserve Bank of Zimbabwe ends on 30 April 2023. Dr. Mangudya shall be succeeded by Dr. John Mushayavanhu as Governor of the Reserve Bank of Zimbabwe,” reads part of the Rushwaya statement. The incoming governor is an Associate of the Institute of Bankers in Zimbabwe (AIBZ). He has over 41 years in the financial services sector having previously held senior positions in corporate and retail banking with a local multinational bank. Mushayavanhu is a former President of the Bankers Association of Zimbabwe (BAZ) and joined FBC Bank as an Executive Director in the Corporate Banking division in October 1997. He became Managing Director in 2004 and was appointed Chief Executive of FBC Holdings on the 1st of June 2011.](https://hararelive.com/wp-content/uploads/2023/12/john-mushayavanhu-1080-390x220.jpeg)
