US Treasury Secretary discusses using stablecoins to uphold the dominance of the dollar globally. Trump administration aims to regulate stablecoins and criticize Biden for early bitcoin sales.
Scott Bessent, the US Treasury Secretary, announced at a White House crypto summit that the US government will use stablecoins to preserve the dollar’s status as the world’s reserve currency. Bessent stated, ‘We are actively working on stablecoin regulations, and as instructed by President Trump, we will uphold the US dollar as the dominant global reserve currency by utilizing stablecoins.’ The Trump administration pledged to end the war on digital currencies and revoke previous Internal Revenue Service (IRS) guidelines. Trump urged lawmakers to present him with a comprehensive stablecoin regulation bill before August recess. He also criticized the Biden administration for the premature sale of confiscated bitcoins.
