JPMorgan is throwing cold water on hopes for a U.S. strategic crypto reserve, warning approval is unlikely and smaller tokens like XRP, SOL, and ADA face major hurdles.
JPMorgan: US Crypto Reserve Unlikely—XRP, SOL, ADA May Not Make the Cut
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JPMorgan Slams Brakes on US Crypto Reserve— XRP, SOL, ADA Face Uncertainty
Banking giant JPMorgan is dampening expectations for a U.S. strategic crypto reserve, warning that the chances of approval are below 50% and that including tokens like XRP, solana ( SOL), and cardano ( ADA) would be particularly challenging. In a report released Wednesday, the global investment bank pointed to congressional approval as a significant roadblock and highlighted concerns over risk and volatility for smaller cryptocurrencies beyond bitcoin and ethereum.
Nikolaos Panigirtzoglou, managing director of global market strategy at JPMorgan, was quoted by The Block as stating:
We don’t believe an approval of a U.S. strategic crypto reserve is the most likely scenario (assuming congressional approval would be needed). So the chance is less than 50% in our mind.
He opined: “And if a U.S. strategic crypto reserve is eventually approved, it would be difficult to include smaller tokens outside bitcoin and ethereum, as we argued in the report the inclusion of such tokens would raise more concerns about risk and volatility.”
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.
