Former US President Donald Trump Urges Congress to Act on Stablecoin Legislation

US President Donald Trump has urged Congress to act on stablecoin legislation, stressing on the need for comprehensive legislation guiding the stablecoin market.

Former U.S. President Donald Trump has urged Congress to pass legislation on stablecoins, highlighting the need for a comprehensive law to guide the emerging market.

Speaking at the Blockworks Digital Asset Summit in New York City on Monday, Trump also noted that in an age of technological advancement, simple and plain language rules are needed to advise ventures and institutions on how to integrate digital assets.

“We need to put correct legislations in place so institutions, large or small, will be free to invest their resources, develop and engage in one of the most promising technological transformations in humankind,” Trump said.

“Congress should swiftly pass legislation on stablecoins to provide the President with the authority to impose simple and plain language rules that will advise institutions and ventures on how best to approach this new technology.”

His call for Congress to act on stablecoin legislation came within a broader appeal to make the U.S. the world’s premier destination for digital currencies and blockchain-based assets.

The event, which took place on Monday, marked a milestone as it was the first time a former U.S. president spoke at a conference about digital assets. The meeting brought together an elite group of representatives from the government and industry, further highlighting the fast-growing interest in cryptocurrency.

Earlier this year, the House Financial Services Committee approved a bill that would create a new category of federal banking licenses specifically for institutions operating in the digital asset space.

The committee also completed work on a measure to regulate stablecoins, although both bills face an uncertain path in the Senate.