Australia won’t follow Trump’s push for strategic crypto reserve: report
Australia’s government has ruled out creating a crypto reserve, focusing instead on regulation.
Australia will not follow the United States in creating a strategic crypto reserve, despite President Donald Trump‘s efforts to make the U.S. the “Crypto Capital of the World.”
While a spokesperson for Assistant Treasurer and Financial Services Minister Stephen Jones did not explicitly rule out a crypto reserve, he confirmed in an interview with Sky News Australia that the government is prioritizing the regulation of digital and crypto asset platforms over creating a strategic reserve.
“The Albanese government has consulted on our proposed framework to build a fit-for-purpose digital asset regulatory regime, and we continue to work closely with industry. The Albanese government knows that blockchain and digital assets present big opportunities for our economy, our financial sector and innovation.”
The spokesperson
Regulation through enforcement
Australia has been treading carefully with crypto for some time. In late February, the Australian Transaction Reports and Analysis Centre warned crypto businesses to comply with anti-money laundering laws or face consequences. The agency stated that it was reviewing over 50 crypto providers and had already taken action against 13 for violations.
A few months earlier, in December 2024, the Australian Securities and Investments Commission fined Bit Trade, Kraken’s local operator, AUD 8 million ($5.2 million at the time) for illegally offering a credit facility to more than 1,100 customers.
Trump’s crypto approach sparks market pump
Trump unveiled his plans in a March 2 post Truth Social, announcing that XRP (XRP), Solana (SOL), Cardano (ADA) would make up the reserve. He later added that Bitcoin (BTC), and Ethereum (ETH), among other “valuable coins,” will be added too.
Following Trump’s announcement, Bitcoin surged 8%, surpassing $93,000. Ethereum followed with an 11% jump. However, these gains were modest compared to Cardano’s 66% surge, while Solana and XRP gained 20% and 28%, respectively. Despite the rally, the Crypto Fear & Greed Index remains in “Fear” territory at 33, as crypto.news reported earlier.
