United States President Donald Trump’s much-talked-about crypto summit produced plenty of soundbites and policy plans that will satisfy investors, analysts, and casual observers. One of the most intriguing policy statements came from the US Treasury Secretary Scott Bessent, who called for comprehensive and transparent regulations on stablecoins.
Secretary Bessent further stated that the US government plans to use stablecoins to back up the US dollar and retain its status as the primary global currency reserve.
The White House Crypto Summit on March 7th was the biggest gathering and attracted many crypto personalities. In addition to Trump and Bessent, the White House summit hosted Zach Witkoff of World Liberty Financial, Strategy CEO Michael Saylor, Coinbase co-founder and CEO Brian Armstrong, entrepreneur David Bailey, and investors Cameron and Tyler Winklevoss.
A Gathering For The Planned Crypto Reserve
Friday’s White House gathering focused on conversations on a strategic reserve for Bitcoin and crypto. Trump has already issued an executive order to create a stockpile for other crypto assets. This executive order authorizes the secretaries of Commerce and Treasury to propose “budget-neutral strategies” that can finance the acquisition of additional Bitcoins without passing the burden to taxpayers.
Trump reiterated that the planned reserve must not burden US taxpayers. According to crypto czar David Sacks, the reserve shall be built on Bitcoins currently controlled by the US government that were forfeited as part of civil asset and criminal forfeiture proceedings.
Stablecoins To Help Protect US Dollar
Another key theme during the summit was the growing importance of stablecoins, particularly in propping up the US dollar. Trump and Bessent issued statements supporting stablecoins. In his speech, Bessent echoed the president’s plan to end the war on cryptocurrencies. He then turned and talked about stablecoins, and shared that these tokens are part of the financial planning.
In his speech, Bessent admitted that they’re looking at stablecoins and that, upon Trump’s instructions, they will work to keep the USD as the dominant world currency.
Fed Governor Waller Pitches For Stablecoins
Federal Reserve Governor Christopher Waller also supported stablecoins in February 2024. He explained that increasing demand for stablecoins can address or mitigate crypto’s impact on the dollar’s market share.
For Waller, the US can rely on stablecoins by addressing capital controls in other countries and boosting payment rails. Responding to these suggestions, US representatives Bryan Steil and French Hill have already forwarded a stablecoin bill, the Stable Act of 2025, to draft transparent regulations for these tokens.
Featured image from Pexels, chart from TradingView
