Rumors recently circulated that the U.S. SEC had defined how various cryptocurrencies could function within government systems. These claims suggested that XRP would handle state-level financial transactions and improve payment efficiency. They also stated that Cardano (ADA) would be used for academic credential verification, smart contracts would manage government services and infrastructure, and Solana (SOL) would power high-speed blockchain applications, including secure voting and digital identity management.
However, John Deaton, founder of CryptoLaw and a well-known pro-XRP lawyer, quickly shut down these claims. He took to social media and clarified that the SEC had never made such an announcement.
Executive Order Sparks Market Interest
The rumors emerged shortly after President Donald Trump signed an executive order to establish a strategic cryptocurrency reserve. This initiative aimed to utilize tokens already in the government’s possession. Trump specifically named Bitcoin, Ether, XRP, Solana, and Cardano as the digital assets expected to be part of this reserve.
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Investors reacted with anticipation, hoping the government would announce plans to acquire additional tokens. However, the lack of a concrete purchasing strategy led to disappointment in the market.
First-Ever Crypto Summit at the White House
On March 7, President Trump hosted a historic Crypto Summit at the White House, bringing together key figures from the cryptocurrency industry. He, along with other cabinet officials, reaffirmed their support for the sector and gathered insights on future regulations and policies.
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During the event, Trump emphasized the importance of holding onto Bitcoin, referencing a well-known principle in the crypto space.
He remarked, “America will follow the rule that every bitcoiner knows very well, ‘never sell your bitcoin.’ I don’t know if that is right or not. Who the hell knows? Who knows, but so far it’s been right. Let’s keep it that way.”
