U.S. President Donald Trump has called on Congress to pass new rules for stablecoins, which are digital currencies tied to a real-world asset like the U.S. dollar.
Speaking at the Blockworks Digital Asset Summit in New York City today, Trump said proper regulations would help businesses invest and grow in this fast-changing industry.
“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,” he said.
Trump believes stablecoins can help keep the U.S. dollar strong and make the economy better. He told the audience that the crypto industry is full of innovators who remind him of America’s early pioneers.
“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,” he added.
Right now, legislators are now looking at several bills related to Stablecoins. One of them is the GENIUS Act, which has been approved by the Senate Banking Committee. This bill would require companies that issue stablecoins to follow strict rules, including anti-money laundering laws and financial safeguards.
Other bills, like the Clarity for Payment Stablecoins Act and the Lummis-Gillibrand Payment Stablecoin Act, also aim to bring more structure to the crypto industry. Trump’s support could push lawmakers to act faster.
The Digital Asset Summit event had some big names from both the government and the crypto space. Congressman Tom Emmer and Bo Hines were present, as well as Michael Saylor, Cathie Wood, and Brad Garlinghouse.
Trump has been showing more interest in cryptocurrency lately. On March 6, he signed an executive order to create a Strategic Bitcoin Reserve, which means the government will hold 200,000 Bitcoin as a long-term asset. The order also calls for an audit of all digital assets owned by the U.S. government and opens the door for more Bitcoin purchases.
Bo Hines, speaking at the summit, said, “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.”
Also Read: Trump Says Crypto Will Strengthen the Power of US Dollar
