President Trump Proposes Major Policy Shift Asking Congress to Pass Thorough Laws Controlling Stablecoins

This action emphasizes the government's will to position the United States as a leader in the domains of digital assets and cryptocurrencies.

President Donald Trump has called on Congress to pass major legislation concerning stablecoins during his speech at the Blockworks Digital Assets Summit in New York City.

The administration’s opinion regarding blockchain

The former president of the United States, known for his blunt and outspoken demeanor, asserted that Congress should enact legislation establishing simple, common-sense rules for stablecoins and market structure. In his words, “with the right legal framework, institutions large and small will be liberated to invest, innovate, and take part in one of the most exciting technological revolutions in modern history.”

Highlighting the administration’s efforts to remove past legal constraints, he aimed to position the United States as the “undisputable Bitcoin superpower and crypto capital of the world.”

However, President Trump's administration is also planning to create a Strategic Bitcoin Reserve, an initiative that he described in an interview with Real Vision. Drawing a parallel to a "digital Fort Knox," President Trump envisions this reserve as a long-term investment strategy.

Unlike past proposals to liquidate seized assets like Bitcoin to generate immediate revenue, which critics like Representative Tom Emmer have opposed, this endeavor seeks to maximize the long-term value of federal cryptocurrency holdings.

The administration has assembled a working group to investigate building a possible Bitcoin stockpile and devise a new legislative framework. Under the direction of key representatives from agencies such as the Treasury Department, the Federal Reserve, and the Securities and Exchange Commission, the committee is tasked with producing a report that includes recommendations 180 days from the commencement of the assignment.

The implications of this initiative for the U.S. financial system are multifold. Firstly, it underscores the administration's support for President Trump's request for Congress to enact laws concerning stablecoins, an action that several senators, including Mike Crapo and Bill Hagerty, have been urging.

The administration's involvement in this venture highlights its broader interest in cryptocurrency and blockchain technology. Moreover, the formation of a presidential working group to study and recommend legislation for a Strategic Bitcoin Reserve further emphasizes the administration's engagement in this domain.

The request for Congress to pass legislation concerning stablecoins during President Trump's presidency marks a turning point in U.S. financial policy.

With the administration supporting strategic projects and the creation of clear rules, the goal is to ensure the country's leadership in the growing market for digital assets, guaranteeing financial stability and economic prosperity in the digital age.