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U.S. Senator Tim Scott (R-S.C.) has introduced new legislation aimed at addressing the growing issue of debanking practices in the country. The Financial Integrity and Regulation Management Act, or FIRM Act, seeks to eliminate the use of reputational risk as a metric for regulating financial institutions.

This move is part of Tim Scott’s ongoing efforts to curb the use of federal banking agencies to push political agendas and restrict access to banking services.

Tim Scott Introduces Bill To End Debanking Practices

The FIRM Act aims to address concerns over the role of reputational risk in the regulation of financial institutions. Reputational risk has been used by federal banking agencies to assess the safety and soundness of financial institutions. The new legislation will eliminate all references to reputational risk as a factor in determining the supervisory ratings of these institutions.

Senator Tim Scott’s bill would also prevent federal banking agencies from creating new rules or guidance based on reputational risk. Additionally, it mandates that these agencies report to Congress on their progress in eliminating reputational risk as a measure for supervision.

As part of this reform effort, Tim Scott expressed concerns about how reputational risk has been used to target certain businesses and individuals, particularly those involved in politically sensitive industries. The legislation is positioned as a way to stop federal regulators from abusing their authority for political purposes.

This Is A Developing News, Please Check Back For More

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The White House is preparing to issue a clarification on its proposed Strategic Crypto Reserve, with an official statement expected soon. The clarification is anticipated to address key concerns surrounding the funding mechanism for the initiative, particularly the legal and financial constraints that could affect the government’s ability to acquire and hold digital assets.

Strategic Crypto Reserve: White House To Address Key Questions

According to Fox Business senior correspondent Charles Gasparino, sources indicate that the Donald Trump administration is working on a statement regarding the Strategic Crypto Reserve. The statement, expected later today or tomorrow, aims to provide more details on how the initiative will be funded.

One of the primary concerns is the use of taxpayer funds to purchase digital assets. Under existing regulations, such an approach would require congressional approval. According to experts, this remains highly unlikely in the current political landscape. The challenge may lead policymakers to explore alternative methods to finance the reserve.

Charles Gasparino stated, 

“My guess is it will address the funding mechanism, ie, the potential roadblock for buying digital coins with taxpayer money (they would need congressional approval, which is next to impossible).

Despite support from many industry members, Donald Trump’s crypto reserve has faced some criticism. Solana co-founder Anatoly Yakovenko strongly opposes the idea, arguing that government control over digital assets could threaten decentralization. He suggests that if a Crypto Reserve is inevitable, it should be managed by individual states rather than the federal government.

Potential Funding Solutions Under Consideration

To bypass the need for congressional approval, officials are reportedly exploring other funding mechanisms. One option would be utilizing Bitcoin previously seized from illicit activities. The U.S. government currently holds around 200,000 Bitcoins confiscated from individuals and organizations accused of financial crimes. Repurposing these assets could provide an immediate and legally feasible solution.

Another alternative under discussion is the creation of a sovereign wealth fund to finance cryptocurrency acquisitions. This approach, which has been suggested by experts, would allow the government to manage digital assets without relying on taxpayer dollars. If adopted, the fund could be structured similarly to sovereign wealth funds used to invest in strategic financial assets.

Market Reaction and Bitcoin Futures Trading Trends

Following reports about the Strategic Crypto Reserve, traders in the Bitcoin futures market reacted swiftly. Data from CryptoQuant shows that many traders took profits when Bitcoin price surged after the announcement. Short positions dominated as prices began to decline.

However, a shift occurred after President Donald Trump made comments on cryptocurrency, leading to a short squeeze. Traders holding short positions rushed to cover their bets, causing Bitcoin price to rise. This sudden reversal triggered renewed optimism in the market, with investors opening long positions in anticipation of potential government policies favoring digital assets.

Meanwhile, Trump’s Crypto Czar criticized the Biden administration for missing out on $17 billion in potential Bitcoin profits. He pointed out that the government auctioned off 195,000 BTC for just $366 million over the past decade, failing to capitalize on the asset’s 4,500% surge.

With the White House Crypto Summit approaching, expectations are rising for a shift in U.S. crypto policy under Trump’s leadership.

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Ripple (XRP) price soared to $2.70 on Thursday, surging 19% in 24 hours as investors responded to U.S. trade tariff updates and rising anticipation ahead of the White House Crypto Summit on March 7. With XRP bulls maintaining dominance in derivatives markets, leveraged long positions now total $150 million, signaling continued upside potential.

Ripple (XRP) Outperforms Bitcoin and Ethereum Ahead of White House Crypto Summit

XRP faced stiff resistance at the $3 level after Trump’s announced the strategic crypto reserve on March.

However, renewed volatility from shifting U.S. trade policies has strengthened bullish sentiment leading into the summit. If momentum persists, XRP could challenge long-term resistance above $3.

The latest market data indicates a strong influx of buyers, propelling XRP beyond $2.70 as investors execute last-minute trades ahead of today’s high-profile summit.

Ripple CEO Confirms Attendance at White House Crypto Summit

Ripple CEO Brad Garlinghouse confirmed his participation in the White House Crypto Summit, reinforcing the company’s growing engagement with the Trump administration’s digital asset policies.

” I’ve had some new confirmations for Friday’s White House Crypto Summit. As of this morning, invites were still rolling out. .”

• FOX report Eleanor Terret Confirmed Ripple CEO Brad Garlinghouse  attendance at White House Crypto Summit,  in a March 6 post on X.

The summit, led by Trump’s AI and Crypto Czar David Sacks, will feature major industry figures, including Coinbase CEO Brian Armstrong and MicroStrategy’s Michael Saylor. Discussions will center on regulatory frameworks and a proposed U.S. crypto reserve.

Ripple price, already up 19% on Thursday has outperformed Bitcoin’s 4% dip. The affirms investor optimism surrounding the summit’s potential impact on Ripple’s institutional adoption. Analysts suggest a breakout beyond $3 could materialize if policy discussions favor digital asset integration into financial markets.

What is the White House Crypto Summit, and How Could It Be Bullish for XRP?

The White House Crypto Summit is a pivotal event where key industry leaders and policymakers discuss the future of cryptocurrency regulations in the U.S. Topics include the establishment of a national crypto reserve and clearer guidelines for institutional adoption.

For XRP, the summit’s significance lies in its potential to reshape market sentiment. If Ripple gains regulatory clarity or is formally integrated into the proposed reserve, XRP could experience sustained bullish momentum, with traders eyeing a move toward $5.

Going by trends observed in Coinglass‘ latest derivatives market data, majority of XRP short-term traders are anticipated a positive outcome from the summit. As seen in the chart above, XRP long leverage has crossed the $150 million mark at press time on March 6, towering above the active short contracts which currently stands at $115 million. With long leverage outpacing short by more than 20%, the short-term momentum remains largely bullish.

However, if negative readings from Non-Farm Payrolls report overshadow headlines from the White House Crypto summit, XRP price risks rapid corrections if the over-leveraged bulls are liquidated.

XRP Price Eyes $5 as Bulls Retain Control Ahead of White House Crypto Summit

XRP price is holding strong above $2.60, gaining 19% in just two days as technical indicators flash bullish signals. The Parabolic SAR dots remain positioned below price action, confirming the prevailing uptrend, while the MACD histogram shows expanding green bars, signaling strengthening bullish momentum. The MACD line has crossed above the signal line, reinforcing the possibility of a sustained rally.

A decisive close above the $2.70 resistance zone could set the stage for a retest of the psychological $3 level, where prior rejection occurred following Trump’s crypto reserve announcement. If bulls maintain control, breaking past $3 could expose XRP to an extended breakout toward the $5 mark in the coming weeks.

However, failure to hold above the $2.60 level may invite bearish pressure, potentially leading to a retest of the $2.10 support level, where buyers previously stepped in to propel the recent surge.

The increasing leverage in long positions, now at $150 million, suggests that market sentiment is skewed toward the upside, but it also introduces liquidation risks if volatility spikes. As the White House Crypto Summit unfolds, XRP’s reaction to regulatory developments could dictate the next major move, with bullish momentum favoring a continued uptrend.

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There are signs of growing optimism in the market as the stablecoin reserve on the Binance exchange has jumped to a new all-time high (ATH). According to CryptoQuant analyst Darkfrost, this increase in the Binance stablecoin reserve marks a good omen for a positive market rebound. With volatility swaying the market in recent times, it remains to be seen what direction Bitcoin and altcoins will take moving forward.

Binance Stablecoin Reserve and Market Shift

Per the CryptoQuant data, the ERC-20 stablecoin on Binance has surpassed the $31.3 billion threshold. Darkfrost noted that a bump in the Binance stablecoin reserve often indicates positive momentum. 

The CryptoQuant analyst attributed the massive Binance stablecoin inflow to two major reasons. These include channeling liquidity into the top crypto trading exchange in preparation for potential market entry. According to Darkfrost, this trend reflects confidence in the market and the exchange.

Beyond the influence of third-party investors, Binance could also be consolidating its stablecoin reserve amid a boost in market demand. The stablecoin reserve, per the chart shared by Darkfrost, has been on an upward trend since July 2024. The previous peak recorded onchain came around December 2022.

Binance Stablecoin Implication for Bitcoin

As the CryptoQuant analyst noted, periods of positive shift in the asset’s reserve often come with a massive push in the price of Bitcoin.

“Historically, periods of rising stablecoin reserves on Binance have often coincided with, or even preceded, an increase in BTC prices and a broader upswing in the crypto market,” Darkfrost said in his note.

The market has been quite unstable in the past few weeks, with volatility defining the order. At the time of writing, Bitcoin was changing hands for $90,511.91, up marginally by 0.18% in 24 hours.

Bitcoin price entered a risky zone earlier as Crypto Czar David Sacks blamed the Biden administration for selling BTC too early. This Bitcoin sentiment and uncertainty around the forthcoming White House Digital Asset Summit fuels market drawdown.

Market Dynamics and Trends to Watch

While the Binance exchange has enjoyed dominance in trading volume, including the stablecoin market, the trend is set to change. Based on the Markets In Crypto Asset (MiCA) legislation, the exchange has set March 31 to delist non-MiCA compliant tokens.

Some ERC-20 tokens, including USDT and EURI, will stop trading on the exchange. This might impact the exchange’s growing stablecoin reserve, which may, in turn, impact the broader market dynamics, as Darkfrost teased.

The post Binance Stablecoin Reserve Hits ATH, Here’s Implication For Bitcoin appeared first on CoinGape.

President Donald Trump has signed an Executive Order to establish a Strategic Bitcoin Reserve. The initiative will consolidate Bitcoin obtained by the federal government through criminal and civil asset forfeiture proceedings. This reserve is intended to serve as a store of value, with the government opting to hold the digital asset.

Donald Trump Signs Order to Create U.S. Strategic Bitcoin Reserve

In a lengthy post on X, Crypto Czar David Sacks revealed that President Donald Trump has officially signed an Executive Order to establish the Strategic Bitcoin Reserve. This initiative is designed to safeguard Bitcoin confiscated through legal forfeiture proceedings and store it as a national asset.

The federal government currently possesses an estimated 200,000 Bitcoin, though a comprehensive audit has never been conducted. The Executive Order mandates a full accounting of all federal digital asset holdings to provide transparency regarding the government’s cryptocurrency assets.

A recent report stated that the government cannot use taxpayer money for the Strategic Crypto Reserve without congressional approval. To work around this, officials are considering alternatives such as repurposing seized Bitcoin or establishing a sovereign wealth fund.

U.S. Government Will Hold Forfeited Bitcoin

The Strategic Bitcoin Reserve will consist exclusively of Bitcoin acquired through criminal or civil asset forfeiture proceedings. The government will not sell any Bitcoin stored in the crypto reserve. This decision aims to maintain Bitcoin as a long-term store of value.

David Sacks added, 

“The U.S. will not sell any Bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called “digital gold.”

Meanwhile, Bitcoin critic Peter Schiff was quick to note that the crypto stockpile consists only of seized digital assets and does not involve government purchases. He emphasized that no ETH, XRP, ADA, or SOL will be bought, reinforcing that the stockpile is strictly limited to confiscated tokens.

While it’s up for debate whether the government can buy more Bitcoin for the strategic reserve, the one thing the executive order makes clear is that the crypto stockpile will consist only of seized tokens, so no ETH, XRP, ADA, or SOL will be bought. So at least there’s that!

— Peter Schiff (@PeterSchiff) March 7, 2025

Audit to Determine Federal Digital Asset Holdings

To ensure accuracy in tracking the federal government’s crypto assets, the order directs an audit of all digital holdings. This process will provide a clearer picture of the total Bitcoin and other digital assets in government possession.

In addition to Bitcoin, the Executive Order also establishes a U.S. Digital Asset Stockpile. Consequently, the government will hold digital assets other than Bitcoin that it obtained through forfeiture proceedings.

However, the stockpile will not receive new acquisitions beyond forfeited assets.

The Executive Order authorizes the Secretaries of Treasury and Commerce to develop budget-neutral strategies for acquiring additional Bitcoin. These strategies must not impose any additional financial burden on American taxpayers.

In an earlier release, David Sacks blamed the Biden administration, revealing that the U.S. lost over $17 billion by selling confiscated Bitcoin instead of holding it. He argued that the lack of a long-term strategy for seized assets resulted in significant losses for U.S. taxpayers.

The post Just In: Donald Trump Signs Executive Order To Establish Strategic Bitcoin Reserve appeared first on CoinGape.

The post Trump Signs Executive Order to Establish Bitcoin Strategic Reserve and Digital Asset Stockpile appeared first on Coinpedia Fintech News

After much anticipation, President Donald Trump has finally signed an executive order to establish a Bitcoin Strategic Reserve. Under this plan, the U.S. government will create a “digital Fort Knox” to store Bitcoin and other cryptocurrencies seized in civil or criminal cases.

The reserve aims to preserve these digital assets for long-term value, marking a significant shift in how the government handles seized crypto. David Sacks, Trump’s crypto czar, shared the latest development in a latest X post. 

“The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime,” Sacks remarked.

US To Preserve ‘The Digital Gold’

He also noted that while the U.S. government owns around 200,000 Bitcoin, however a full audit of these assets has never been conducted. The new executive order calls for a comprehensive accounting of the federal government’s digital asset holdings.

The U.S. will not sell any Bitcoin stored in the Reserve; instead, it will be preserved as a long-term store of value. The Reserve is essentially a digital version of Fort Knox, designed to safeguard the cryptocurrency known as “digital gold.”

The U.S. government has already lost over $17 billion in value from selling Bitcoin too early, but now the federal government has a new plan to maximise the value of its Bitcoin holdings. The Secretaries of Treasury and Commerce will develop strategies to acquire more Bitcoin without costing taxpayers any extra money. 

The Executive Order also creates a U.S. Digital Asset Stockpile, which will store digital assets aside from Bitcoin, that are seized in criminal or civil cases. The government will only add assets to the Stockpile from forfeiture cases, not by purchasing them. Sacks emphasized that the Stockpile’s goal is to responsibly manage the government’s digital assets, under the supervision of the Treasury Department.

Promises Made, Promises Kept!

President Trump had previously promised to establish a Strategic Bitcoin Reserve and a Digital Asset Stockpile and now, those promises are being fulfilled. 

Sacks highlights that this Executive Order highlights his ongoing commitment to positioning the U.S. as the “crypto capital of the world,” taking significant steps toward integrating digital assets into the nation’s financial future.

Sacks expressed his gratitude and admiration to the President for his leadership and vision in supporting this cutting-edge technology and for his rapid execution in supporting the digital asset industry. He remarked that Trump administration is truly moving at “tech speed.”

He also mentioned the President’s Working Group on Digital Asset Markets—particularly Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick—for their crucial support in bringing this to fruition. Lastly, he shared that Bo Hines also played an instrumental role as Executive Director of the Working Group, playing a key part in making this happen.

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After much anticipation, President Donald Trump has finally signed an executive order to establish a Bitcoin Strategic Reserve. Under this plan, the U.S. government will create a “digital Fort Knox” to store Bitcoin and other cryptocurrencies seized in civil or criminal cases. The reserve aims to preserve these digital assets for long-term value, marking a …

The post Trump’s Bitcoin Executive Order Revealed – But U.S. Lost $16B from Early Sales! appeared first on Coinpedia Fintech News

Trump Signs Executive Order 

President Donald Trump has signed an executive order to create a Bitcoin Strategic Reserve to store assets seized by the government, along with a crypto stockpile for other digital assets. The Bitcoin, all obtained through civil or criminal forfeitures, will be stored for long-term value in a “digital Fort Knox.” David Sacks, Trump’s Crypto Czar shared this in an X post. 

Besides, the order encourages officials to find ways to add more Bitcoin to the reserve, as long as it doesn’t hurt the federal budget. It also calls for a stockpile of other cryptocurrencies seized by the government. 

While Sacks didn’t name specific assets, recent remarks from the president suggest which ones might be included. This move could give the U.S. a bigger presence in the world of digital assets.

US Loses $16B Due To Premature Selling

Notably, the U.S. government has been sitting on a large amount of Bitcoin and may have missed out on significant profits by selling it too early. The new executive order seeks to correct this by creating a reserve that will keep these assets for the long term.

According to Lookonchain, the U.S. government’s public wallet currently holds 198,109 BTC, valued at approximately $16.92 billion. Historically, the government has transferred around 222,684 BTC to platforms like Coinbase, Coinbase Prime, and other unknown wallets. These transactions took place at an average price of $14,736 per Bitcoin, totaling about $3.28 billion at the time. 

However, with Bitcoin’s current market price, those same 222,684 BTC are now worth about $19.42 billion. This means that the U.S. government has incurred a loss of roughly $16.14 billion due to selling Bitcoin prematurely. 

This highlights the missed potential value as Bitcoin’s price continues to rise, reinforcing the need for a strategy that preserves these digital assets for long-term value, as outlined in the new executive order.

Market Reactions

Bitcoin dropped nearly 5% to $85,000 shortly after the order was announced, possibly due to disappointment that the reserve only includes tokens already held by the government, with no new purchases for now.

Ethereum (ETH), Ripple (XRP), Cardano (ADA), and Solana (SOL) also witnessed sharp drops of 4%-8%, as the order doesn’t allow for new government buys of these cryptocurrencies.

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Trump Signs Executive Order  President Donald Trump has signed an executive order to create a Bitcoin Strategic Reserve to store assets seized by the government, along with a crypto stockpile for other digital assets. The Bitcoin, all obtained through civil or criminal forfeitures, will be stored for long-term value in a “digital Fort Knox.” David …