Donald Trump rehashed the crypto-supportive actions taken by his administration since he returned to the U.S. presidency and reiterated support for stablecoin legislation, saying it will help expand the dollar’s dominance.
“I’ve also called on Congress to pass landmark legislation creating simple, common sense rules for stablecoins and market structure,” Trump said during a roughly two-minute video presentation at the Blockworks crypto conference in New York on Thursday.
Last week, the Senate Banking Committee advanced landmark stablecoin legislation in a major victory for the ascendant cryptocurrency industry. The bipartisan bill would govern privately issued, dollar-based stablecoins, which the industry claims will enable cheaper and faster transactions across the globe for anyone with a smartphone.
“You will unleash an explosion of economic growth, and with the dollar backed stablecoins, you’ll help expand the dominance of the U.S. dollar,” Trump said. “And many, many years to come, it’ll be at the top, and that’s where we want to keep it.”
Earlier this month, Trump signed an executive order calling for the creation of a Strategic Bitcoin Reserve and a separate stockpile of other digital assets. While the creation of the reserve fulfilled a promise Trump made on the campaign trail, the details fell short of industry expectations.
Trump’s Bitcoin reserve pledge was one of many promises designed to appeal to an industry that has emerged as source of significant political donations.
That pledge, in addition to his promise to fire Gary Gensler from his then-role as the chair of the U.S. Securities and Exchange Commission, helped fuel a run-up in token prices leading up to his inauguration. But sentiment in the market turned negative in February as investors reacted to news about inflation and tariffs, a US$1.5 billion crypto hack, and outflows from digital-asset ETFs.
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Teresa Xie and Stephanie Lai, Bloomberg News
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