President Trump reiterated his administration’s crypto-friendly stance since returning to the presidency, emphasizing his support for stablecoin legislation as a means to strengthen the U.S. dollar’s global dominance.
“I’ve also called on Congress to pass landmark legislation creating simple, common sense rules for stablecoins and market structure,” Trump said in a roughly two-minute video presentation at the Blockworks crypto conference in New York on Thursday.
His remarks come after the Senate Banking Committee advanced major stablecoin legislation last week, marking a significant victory for the cryptocurrency industry. The bipartisan bill aims to regulate privately issued, dollar-based stablecoins, which proponents argue will enable faster and more cost-effective transactions worldwide.
“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 establishing a Strategic Bitcoin Reserve along with a separate stockpile of other digital assets.
Trump’s crypto-friendly pledges, including his vow to remove Gary Gensler from his former position as SEC chair, contributed to a surge in token prices leading up to his inauguration.
