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In early March, Trump posted on his Truth Social account: “After years of corrupt attacks by the Biden Administration, a U.S. crypto reserve will elevate the status of this critical industry, which is why my Executive Order on Digital Assets directs the Presidential Task Force to advance a strategic reserve of crypto including XRP, SOL, and ADA.”

According to a report by the U.S. media outlet Benzinga, the move is seen as a response to the U.S. administration’s efforts to create a national crypto reserve, similar to the models used for oil and grain.

The report, citing White House sources, reveals that the task force will be examining the feasibility and implications of establishing a U.S. crypto reserve. The initiative is being spearheaded by the White House in collaboration with relevant government agencies.

The report further mentions that the task force will be focusing on several key aspects, including the optimal structure and legal framework for such a reserve. Additionally, the task force will be evaluating the potential benefits and challenges posed by a U.S. crypto reserve in the global economic landscape.

Earlier this year, Trump had expressed his support for a U.S. crypto reserve in a statement. In February, Trump stated that a U.S. crypto reserve would be instrumental in bolstering the status of this crucial industry, adding that his executive order on digital assets mandates the presidential task force to advance a strategic crypto reserve.

The former president’s executive order, issued in 2022, directs several government agencies to coordinate their efforts in developing policies related to digital assets.

In a separate post on Truth Social, Trump shared a news article about the U.S. reportedly planning to impose sanctions on several Chinese officials and entities involved in the production and deployment of technology used for surveillance and repression.

Trump commented on the report, stating that these sanctions should have been implemented a long time ago. He expressed hope that the administration will finally take action against the “fanatic” Chinese regime.

Earlier this year, Trump had criticized the Biden administration for being too slow to respond to China’s human rights violations. In January, Trump urged the administration to quickly impose sanctions on several Chinese officials and entities.

The move comes amid heightened tensions between the two superpowers over various issues, including trade, cybersecurity, and human rights.

Despite losing the 2020 presidential election to Biden, Trump remains a major force in the Republican Party and has hinted at a possible run for the White House again in 2024.