Trump urges Congress to pass stablecoin legislation

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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, a historic moment as it represents the first time a sitting US president has addressed a conference dedicated to digital assets.

“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, adding that dollar-backed stablecoins are set to strengthen the US dollar’s dominance.

Trump, in his speech, positioned crypto as a key driver of economic growth, financial security, and US dollar dominance. He praised the industry’s energy and innovation, stating that the crypto community embodies the same pioneering spirit that built the country.

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

Currently, several stablecoin bills are under consideration in the US legislative process. The GENIUS Act, which recently passed the Senate Banking Committee, is the most advanced.

The proposed legislation requires stablecoin issuers to comply with anti-money laundering laws and follow strict collateralization guidelines.

Other bills are the Clarity for Payment Stablecoins Act and the Lummis-Gillibrand Payment Stablecoin Act. These legislative efforts aim to provide clarity and oversight for stablecoins, reflecting a strong push to establish a comprehensive regulatory framework in the US.

The Digital Asset Summit attracted high-profile participants, featuring government representation from Bo Hines and Congressman Tom Emmer, as well as leading figures from the crypto industry, including Michael Saylor, Cathie Wood, Richard Teng, Sergey Nazarov, and Brad Garlinghouse.

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

And it started 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.

The Bitcoin Reserve, estimated at 200,000 BTC, will be held as a store of value, with no immediate sales planned. The order mandates a full audit of government digital asset holdings and authorizes budget-neutral strategies for further Bitcoin acquisition.

“It’s high time that our president started accumulating assets for the American people, which is what President Trump is doing rather than taking it away,” Bo Hines said during a panel at the Blockworks Digital Asset Summit. He noted that the administration wanted to buy as much Bitcoin as possible.

On the regulatory front, changes within the SEC, including the rescinding of SAB 121, signal a move away from previous enforcement-heavy approaches.

The SEC has moved to close investigations into various crypto businesses without pursuing charges and has dismissed claims against prominent firms, with the most recent closure of the Ripple case.

Trump had previously appeared at the 2024 Bitcoin Conference before assuming the presidency.

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