President Donald Trump Is Calling on Congress to Pass a Major Stablecoin Bill

President Donald Trump is calling on Congress to pass a major stablecoin bill, saying it will keep the U.S. dollar at the top of global finance.

President Donald Trump is calling on Congress to pass a major stablecoin bill, which he says will keep the U.S. dollar at the top of global finance.

In a video speech at the Blockworks Crypto Conference in New York on Thursday, Trump highlighted the importance of the pending legislation to regulate privately issued, dollar-backed stablecoins.

“I’ve also called on Congress to pass landmark legislation creating simple, common sense rules for stablecoins and market structure,” Trump said.

The bill, which is still pending in Congress, passed the Senate Banking Committee last week. Trump told the audience that approving the bill would lead to massive economic growth.

“You will unleash an explosion of economic growth, and with the dollar-backed stablecoins, you’ll help expand the dominance of the U.S. dollar,” he added.

The stablecoin bill, which passed the Senate Banking Committee with bipartisan support last week, is a crucial step in integrating cryptocurrencies into the broader financial system. The legislation aims to regulate stablecoins pegged to the U.S. dollar, enabling them to be used more widely in financial transactions.

This new initiative comes as part of a broader shift in Washington D.C., where crypto companies are increasingly engaging with lawmakers and seeking to influence legislation.

Trump, who has positioned himself as a strong crypto advocate throughout his political career, further emphasized his stance on Thursday.

“The last administration officials mocked bitcoin and cryptocurrency, but I realized early on that this technology could be a tremendous opportunity for our country to create jobs, boost our economy, and increase the standard of living for every American,” Trump stated.

The president asserted that the U.S. must remain the global leader in innovation, and he expressed concern over China's potential to overtake the U.S. in the crypto space.

“We’re in a race with China and other nations to build the technologies of the future. We need to make sure that the U.S. wins this race. But unfortunately, the current administration officials aren’t interested in keeping the U.S. dollar at the top of the world financial system, which is what we have today,” Trump said.

“And many, many years to come, it’ll be at the top, and that’s where we want to keep it.”

He also praised the crypto industry for its role in reshaping finance.

“I can already see that the energy and passion of the crypto community is the kind of spirit that built our country,” Trump said. “It is exciting to watch as you invent the future of finance. And right here, it’s going to be right here in the USA, the good old USA.”

Earlier this month, Trump signed an executive order to create a Strategic Bitcoin Reserve and another stockpile of crypto assets. This move, which was covered by CCIV, fulfilled a campaign promise, but the specifics of the plan fell short of what many in the crypto industry expected.

Trump's Bitcoin reserve was one of several promises meant to gain support from the crypto community during his 2024 presidential campaign.

His pledge to close the administration and fire Gary Gensler, the former SEC chair who cracked down on crypto firms, helped push crypto prices higher before his inauguration.

However, market sentiment turned negative in February after concerns about inflation, tariffs, a $1.5 billion hack, and outflows from digital asset ETFs.

While Trump's support for crypto is significant, the industry's influence in Washington has been growing beyond him. A key player in this shift is Democratic Senator Kirsten Gillibrand of New York, who has become a strong ally for crypto legislation.

As reported by The New York Times, Gillibrand, who recently took charge of Democratic election fundraising, has been pushing for crypto tax reforms and a stablecoin bill.

This support is crucial, as without it, the legislation wouldn't pass, according to Cynthia Lummis, a Republican senator from Wyoming and one of the biggest crypto advocates in the Senate.

"Without Kirsten, it doesn't happen," Lummis said.

Gillibrand's influence also extends to Republican Banking Committee Chairman Tim Scott, another crypto supporter. The two have a close personal relationship and are known to attend a weekly prayer luncheon together.

This shift in Washington is occurring as crypto interests have been pouring millions of dollars into elections. Fairshake PAC, the most well-funded crypto political action committee, spent $40 million to defeat Brown and support Bernie Moreno, a Republican senator and crypto supporter.

And with the 2025 election cycle heating up, crypto-backed PACs are amassing massive war chests. In January, Fairshake announced that it had raised $116 million for upcoming races.