President Trump Urges Congress to Pass Stablecoin Legislation

President Donald Trump today urged Congress to pass stablecoin legislation. The remark was made during a video address to the Blockworks Digital Asset Summit in New York City.

President Donald Trump on Thursday urged Congress to pass legislation for stablecoins, becoming the first sitting US president to address a conference dedicated to digital assets.

During a video message to the Blockworks Digital Asset Summit in New York City, Trump highlighted the importance of stablecoins in strengthening the US dollar and fostering economic growth.

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

“And dollar-backed stablecoins are set to strengthen the American dollar’s uncontested dominance in the global financial system.”

In his speech, Trump positioned crypto as a key driver of economic growth, financial security, and US dollar dominance. He praised the industry’s energy and innovation, comparing it to the pioneering spirit that built the country.

“Pioneers like you will be able to improve our banking and payment system and promote greater privacy, safety, and security, and wealth for American consumers and businesses alike. You will unleash an explosion of economic growth,” Trump said.

Several stablecoin bills are currently being considered by Congress, with the GENIUS Act, which recently passed the Senate Banking Committee, being the most advanced. The bill, which stands for the "Genuine Economic and Technological Innovation Solutions Act," requires stablecoin issuers to comply with anti-money laundering laws and follow strict collateralization guidelines.

Other bills include the Clarity for Payment Stablecoins Act and the Lummis-Gillibrand Payment Stablecoin Act, both of which aim to provide clarity and oversight for stablecoins.

The aim is to establish a US regulatory framework for crypto, in contrast to the patchwork approach of individual state laws.

The Digital Asset Summit brought together high-profile figures, featuring government representation from Bo Hines and Congressman Tom Emmer, and leading names in the crypto industry, such as Michael Saylor, Cathie Wood, Richard Teng, Sergey Nazarov, and Brad Garlinghouse.

Trump’s re-election has brought a series of regulatory and legislative adjustments affecting the digital asset industry. The new administration has focused on positioning the US as the world’s leading crypto hub.

This began with the first crypto-related executive order that formed a working group tasked with evaluating the possibility of creating a national digital asset stockpile.

On March 6, Trump signed an executive order to create a Strategic Bitcoin Reserve and a broader US Digital Asset Stockpile, using seized assets.