Ripple Labs has proposed to the U.S. president to include SOL in the strategic digital reserve, alongside discussions of other cryptocurrencies.
Ripple's Proposal and Market Reaction
The leadership of Ripple Labs, including CEO Brad Garlinghouse, has proposed to the U.S. administration to include SOL in the strategic digital reserve. XRP is trading at $2.58, having seen an overnight increase of 3.7%. This is expected to lend legitimacy to XRP.
Predictions and Market Doubts
On March 7th, the White House will host its first crypto summit to discuss new reserve details, including the potential inclusion of ADA. According to Polymarket, the probability of XRP appearing in the reserve is 29%.
Industry Reactions to the Initiative
Solana co-founder Anatoly Yakovenko argues that creating a crypto reserve might lead to 'the collapse of decentralization'. Meanwhile, former Morgan Stanley executive Michael Grimes could head Trump's proposed Sovereign Wealth Fund.
Ripple's proposal has sparked discussion within the industry. While there are potential benefits, some industry representatives express concerns.
