The recent unveiling of a Strategic Crypto Reserve by the United States President, Donald Trump, has stirred significant discussion in the cryptocurrency community. With the unexpected inclusion of altcoins such as XRP, Solana (SOL), and Cardano (ADA), the announcement defied initial expectations of a Bitcoin-centric approach. The industry is abuzz with revelations from Unchained that ripple labs may have influenced the addition of Solana through behind-the-scenes advocacy to consolidate XRP’s standing among policymakers and crypto enthusiasts.
Claims of Ripple Lobbying for the Inclusion of SOL and ADA
Insights from Unchained imply that Ripple Labs’ executives advocated for Solana’s inclusion into the strategic reserve. This move was reportedly a tactical measure to downplay suspicions that the reserve would solely profit XRP. Ripple CEO Brad Garlinghouse and Chief Legal Officer Stu Alderoty allegedly highlighted the need for incorporating multiple US-based tokens in a federally endorsed crypto basket to the White House.
Industry experts argue that Ripple Labs was aware that a reserve favouring XRP over other prominent altcoins would raise eyebrows. According to one analyst, SOL and ADA’s addition to the reserve was strategic, as these tokens are perceived as more community-driven than XRP, which has been under scrutiny due to speculations about its usage and legitimacy.
Interestingly, President Trump’s omission of market leaders Bitcoin and Ether in his debut public post on Truth Social, replaced by explicit mentions of XRP, SOL, and ADA, provoked further questions regarding the administration’s true intentions. Ripple press representatives, when questioned about Ripple’s alleged push for SOL’s inclusion to legitimize XRP’s place in the reserve, direct reporters to a tweet by CEO Brad Garlinghouse.
Solana and Cardano’s Reactions
Solana’s co-founder, Anatoly Yakovenko, expressed scepticism towards the idea of a government-controlled crypto reserve. When asked about Solana’s inclusion into the reserve, Yakovenko claimed no knowledge of it being suggested by anyone, particularly Ripple.
Likewise, founder of Cardano, Charles Hoskinson, revealed his unawareness of ADA being chosen for the reserve in a video on March 5, implying the possibility that Ripple Labs might have also prompted ADA’s inclusion.
As the anticipation builds, the industry is keenly awaiting this Friday’s inaugural Crypto Summit at the White House, expected to disclose more information on the crypto reserve’s composition and procurement strategy.
FAQs:
What is the Strategic Crypto Reserve?
The Strategic Crypto Reserve is a selection of cryptocurrencies unveiled by the United States President, Donald Trump, comprising Bitcoin, Ether, XRP, Solana (SOL), and Cardano (ADA).
Who is speculated to have influenced the inclusion of SOL and ADA into the reserve?
Reports suggest that Ripple Labs’ executives may have advocated for the inclusion of SOL and ADA into the strategic reserve.
How have Solana and Cardano reacted to the news of their inclusion?
Both Solana’s co-founder, Anatoly Yakovenko, and Cardano’s founder, Charles Hoskinson, have claimed no prior knowledge of their respective tokens being included in the reserve.
What are the future steps following the unveiling of the reserve?
The next key event is the Crypto Summit at the White House on Friday, expected to reveal further details about the crypto reserve’s composition and procurement strategy.
