Ripple CEO Brad Garlinghouse has commented following Donald Trump’s announcement of a crypto strategic reserve. The US president revealed that the reserve will include Ripple’s native token XRP, leading to a massive surge for the crypto.
Ripple CEO Comments As Trump Includes XRP In Strategic Reserve
In an X post, the Ripple CEO appreciated Trump’s vision of a government digital asset reserve while reaffirming what the crypto industry could achieve if everyone worked together. He further stated that maximalism is the enemy of the industry’s progress. This statement seems directed at stakeholders criticizing the inclusion of other crypto assets besides Bitcoin in the strategic reserve.
Garlinghouse also remarked that it glad to see the US president recognizing that market participants live in a multichain world and that the industry is finally moving past Bill Hinman and the Biden’s administration’s SEC “very broken thinking.”
Earlier today, President Donald Trump announced a strategic reserve that will include Solana, Cardano, and XRP. The president later confirmed that the reserve will also include Bitcoin, Ethereum, and other “valuable cryptocurrencies.” The crypto market rebounded on the news, with SOL, ADA, and the XRP price among the top gainers in the last 24 hours.
Criticisms Against The Strategic Reserve
Amid the Ripple CEO’s comment, there have been criticisms around the inclusion of other cryptocurrencies besides Bitcoin in the strategic reserve. In an X post, Alex Xu, a research partner at Mint Ventures, suggested Trump’s inclusion of SOL, ADA, and XRP will weaken the idea of a Bitcoin strategic reserve and even reduce the chances of the US Congress approving the Bitcoin reserve bill.
Bitcoin critic Peter Schiff also criticized the inclusion of other cryptocurrencies in the strategic reserve. He stated that although he disagrees with it, he gets the idea of a Bitcoin strategic reserve. He explained that there is a gold reserve, and since Bitcoin is labelled as digital gold, it also makes sense to create a reserve around the flagship crypto.
However, on the other hand, he questioned the rationale for an XRP reserve and why the US would need it. In response, Cardano founder Charles Hoskinson stated that there is a need for one because XRP is a “great technology, a global standard, survived for a decade through many cycles, and has one of the strongest communities.” He further opined that the president made the right decision.
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