The report noted that crypto markets initially surged after President Donald Trump proposed the inclusion of XRP, SOL, and ADA—alongside bitcoin and ethereum—in a potential U.S. crypto reserve. However, skepticism quickly took hold, with analysts doubting congressional approval and questioning the feasibility of adding smaller tokens. The report also pointed to past failures of similar bitcoin reserve proposals in several U.S. states, where lawmakers raised concerns about risk and volatility. Moreover, central banks globally remain hesitant toward crypto reserves.
JPMorgan’s skepticism came just days after President Trump announced on March 2 his proposal for a U.S. strategic crypto reserve, which would include BTC, ETH, XRP, SOL, and ADA. White House AI and Crypto Czar David Sacks confirmed that the initiative aligns with Trump’s executive order and his broader goal of making the U.S. the global leader in cryptocurrency. He also stated that further discussions on the proposal will take place at the first-ever White House crypto summit, scheduled for March 7.