President Trump Calls on Congress to Act Swiftly on Stablecoin Laws

Speaking at the Digital Assets Summit, Trump stated that such legislation would strengthen the U.S. dollar's position as the global reserve currency.

President Trump has called on Congress to swiftly finalize legislation on stablecoins, aiming for it to reach his desk by August. He believes this will strengthen the U.S. dollar’s position as the global reserve currency.

Speaking at the Digital Assets Summit, Trump connected this urgency to his broader vision of U.S. leadership in the crypto space, outlining plans for a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile.

“We will be quickly adding Bitcoin to the Strategic U.S. Reserves, an action that will bolster the U.S. dollar, now threatened by foreign powers’ cryptocurrencies,” Trump said.

The president stated that the government would amass Bitcoin from criminal and civil forfeiture proceedings without selling it, as mentioned in his March 6 executive order.

“There will be a separate U.S. Digital Asset Stockpile for other cryptocurrencies, used like U.S. gold reserves, in cooperation with allies to maintain stability in the global crypto market,” Trump added.

Together they will make America the undisputed Bitcoin superpower and crypto capital of the world,” he concluded to the audience at the Digital Assets Summit.

Donald Trump’s stance on cryptocurrencies has undergone a transformation. After criticizing them as a “scam” and “disaster” in 2021, Trump began accepting crypto donations for his campaign and spoke at Bitcoin conferences. He promised to make the U.S. a crypto leader, culminating in pro-crypto policies like a Strategic Bitcoin Reserve after his 2025 inauguration.

Earlier this year, Trump held a Digital Assets Summit at the White House, praising crypto pioneers and outlining his pro-crypto agenda. Early in 2025, his administration began reversing Biden-era enforcement actions against crypto firms, easing industry restrictions.

August target for more regulations

At the Digital Assets Summit in New York City on Tuesday, Trump slammed the Biden administration’s past “war on crypto,” contrasting it with his administration’s pro-crypto shift, including easing regulatory pressures on the industry.

Trump expressed hope that Congress will swiftly finalize digital asset legislation and send it to his desk by August 2025.

“My administration is focused on creating the best and safest crypto market in the world, an endeavor that began with my March 6 executive order on digital assets,” Trump said.

The president noted the importance of having clear and comprehensive legislation for stablecoins, a type of cryptocurrency designed to maintain a stable price.

“We need Congress to act quickly and decisively to pass legislation on stablecoins and other digital assets. Its presence will be keenly felt in the coming months,” Trump stated.

As Trump pushes for a safer crypto market in the U.S., there have been reports of the Securities and Exchange Commission dropping cases against crypto firms.

The SEC agreed to dismiss its enforcement case against Coinbase (NASDAQ:) on February 12, 2025, dropping a lawsuit that began in December 2024. The agency had alleged the exchange was operating as an unregistered securities platform and failed to register its interest, despite allegedly defrauding investors.

The SEC also reached an agreement to dismiss its case against Consensys for its MetaMask service on February 28, 2025. The agency opened an investigation into MetaMask in November 2024, shortly after former SEC chair Gary Gensler stated that the service could be subject to U.S. securities laws.

Earlier this year, the SEC closed its investigation into OpenSea, a major NFT marketplace, without filing any charges. The agency had opened the probe in September 2024.

In addition, cases or investigations with the SEC have been dropped against firms including, but not limited to, copy trader platform eToro, and investment firm Eight Capital.

Other firms to have cases dropped with the SEC include:

* Brokerage firm, Robinhood (NASDAQ:)

* Decentralized exchange Uniswap

* Crypto exchange Gemini

* Blockchain firm Ripple

* Crypto exchange Kraken

* Yuga Labs, the company behind Bored Ape Yacht Club NFTs