President Trump and Scott Bessent each and each called for a comprehensive regulatory framework on stablecoins and a great regulatory atmosphere.
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United States Treasury Secretary Scott Bessent said the US government will employ stablecoins to agree with sure the US buck remains the world’s global reserve currency right by the White Residence Crypto Summit on March 7.
Bessent reiterated the Trump administration’s promise to live the war on crypto and dedicated to rolling help old IRS guidance and punitive regulatory measures. Bessent then turned into his consideration to stablecoins and said:
“We’re going to construct apart rather about a belief into the stablecoin regime, and as President Trump has directed, we’ll withhold the US [dollar] the dominant reserve currency on this planet, and we are able to employ stablecoins to agree with that.”
President Trump told the summit that he hopes lawmakers will gain a comprehensive stablecoin regulatory invoice to his desk sooner than the August Congressional recess.
President Trump delivers address to White Residence Crypto Summit. Source: The Connected Press
The President turned into as soon as also severe of the Biden administration for promoting portions of the seized Bitcoin (BTC), which he said amounted to billions in losses by premature promoting.
A few the attendees of the first White Residence Crypto Summit remarked on the historic nature of the match, which cements a seismic shift within the US government’s stance toward the digital asset industry.
Attendees of the White Residence Crypto Summit. Source: The Connected Press
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Stablecoins as a manner to lengthen US buck hegemony
Overcollateralized stablecoins, which employ non everlasting US Treasury funds and cash deposits to help their digital fiat tokens and thus drive search info from for US debt devices, had been pitched as a manner to lengthen US buck dominance.
Federal Reserve Governor Christopher Waller also voiced beef up for using stablecoins to prop up the buck in February 2024.
Waller argued that the corrosive agree with of cryptocurrencies within the marketplace portion of the US buck would be mitigated by stablecoin search info from.
Treasury Secretary Scott Bessent says stablecoins will agree with sure US buck hegemony at the White Residence Crypto Summit. Source: The Connected Press
In February 2025, Waller reiterated his stance that stablecoins may presumably well help withhold the buck’s space as the worldwide reserve currency by overcoming capital controls in foreign countries and bettering rate rails.
As part of this effort to leverage stablecoins to defend the US buck, US representatives French Hill and Bryan Steil equipped a stablecoin invoice titled the Proper Act of 2025 to set up a comprehensive regulatory framework for buck-pegged digital fiat tokens.
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