The many talkative crypto summit of the American President, Donald Trump, created many sound bites and political plans that investors, analysts and casual observers will be satisfied. One of the most fascinating political statements came from the US Finance Minister Scott Bessent, who called for a comprehensive and transparent regulations for stable coins.
Secretary Bessent further explained that the US government is planning to use stable coins to secure the US dollar and to keep its status as the primary global currency reserve.
The White House’s crypto summit on March 7 was the largest meeting and attracted many crypto personalities. In addition to Trump and better, the summit of the White House in Zach Witkoff from World Liberty Financial, the CEO of Strategy, Michael Saylor, Coinbase co-founder and CEO Brian Armstrong, the entrepreneur David Bailey, and the investors Cameron and Tyler Winklevoss host.
A meeting for the planned crypto reserve
Collecting the White House on Friday focused on discussions about a strategic reserve for Bitcoin and Crypto. Trump has already issued an order of the executive to create a stock for other crypto assets. This executive regulation authorizes the secretaries of trade and finance ministry to propose “budget -neutral strategies”, which can finance the acquisition of additional bitcoins without handing over the burden to taxpayers.
Image: StormGain
Trump repeated that the planned reserve US taxpayers must not burden. According to Crypto Czar David Sacks, the reserve is to be based on bitcoins, which is currently being controlled by the US government that falls as part of the civil assets and the conviction procedure.
Stable coins to protect the US dollar
Another important topic during the summit was the growing importance of stable coins, especially when supporting the US dollar. Trump and better gave explanations that supported stablecoins. In his speech, Besseter repeated the President’s plan to end the war against cryptocurrencies. He then turned and spoke about stable coins and announced that these tokens are part of the financial planning.
In his speech, Bessent admitted that they look at stablecoins and that according to Trump’s instructions they will work to keep the USD as a dominant world currency.
Fed governor Waller Pitches for StableCoins
The governor of the Federal Reserve, Christopher Waller, also supported stable coins in February 2024. He explained that increasing demand for stable coins can address or alleviate the effects of crypto on the market share of the dollar.
For Waller, the USA can rely on stable coins by tackling capital controls in other countries and increasing payment rails. In the US proposals, Bryan Steil and French Hill, the US representatives have already forwarded a stable coin calculation, the stable law of 2025, to design transparent regulations for these tokens.
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