Trump suggests federal support for US stablecoins during Digital Asset Summit, pointing to possible new regulation.
In his speech at the Digital Asset Summit, President Trump hinted at possible US support for stablecoin development.
Trump attended the event via a pre-recorded speech, marking his first such statement while in office. Reflecting on past successes, he hinted at the possibility of future involvement in stablecoin development, which could strengthen the cryptocurrency industry in the US.
His speech focused on stablecoin regulation, suggesting possible federal support for the development of new stablecoins pegged to the dollar. Although he made no explicit promises, this move could have a significant financial impact, increasing liquidity in the cryptocurrency market.
A bullish signal?
"I have urged Congress to establish clear and practical regulations for stablecoins and market infrastructure."
Trump stated in his pre-recorded message, emphasising that a proper legal framework will enable both large and small institutions to invest, innovate and participate in the most exciting technological revolution of our time.
Trump's speech comes amidst previous interactions with the crypto community, including a Crypto Summit at the White House and a speech at the Bitcoin Conference in Nashville. While the White House summit had limited impact on the market, the Nashville speech was met with great enthusiasm. Cryptocurrency enthusiasts had been awaiting this new speech with the hope that it would provide positive momentum against concerns about the economic recession and disappointments related to US crypto assets.
The focus on stablecoin regulation represents a significant development. The bipartisan GENIUS Act bill, pending Congressional approval, could provide a clearer regulatory framework, fostering greater integration of cryptocurrencies in both the US and global economies.
The Trump administration's interest in stablecoins pegged to the dollar suggests an attempt to strengthen the dollar's position as the world's leading currency. The introduction of dollar-linked stablecoins could help consolidate the global dominance of the US currency in the coming decades. Trump has stated that the goal is to keep the dollar in its dominant position.
This comment raises questions about a possible plan by the Trump administration to develop new dollar-linked stablecoins. According to recent rumours, some members of his team may have discussed the initiative with representatives of Binance. The integration of stablecoins into the US economy could increase liquidity in the domestic crypto market and strengthen the US dollar.
Former CFO Nevin Shetty was convicted of fraud after surreptitiously transferring $35 million of the company's money to his DeFi platform, losing almost all of it in Terra's collapse in 2022. Here is how the scheme happened and what happens now.
Tether moves like a sovereign wealth fund: it hires traders from HSBC and accumulates billions in physical gold. The strategy, which mirrors the behaviour of central banks, marks a break from dependence on the US dollar.
In his speech at the Digital Asset Summit, President Trump hinted at possible US support for stablecoin development.
Trump attended the event via a pre-recorded speech, marking his first such statement while in office. Reflecting on past successes, he hinted at the possibility of future involvement in stablecoin development, which could strengthen the cryptocurrency industry in the US.
His speech focused on stablecoin regulation, suggesting possible federal support for the development of new stablecoins pegged to the dollar. Although he made no explicit promises, this move could have a significant financial impact, increasing liquidity in the cryptocurrency market.
A bullish signal?
Trump stated in his pre-recorded message, emphasising that a proper legal framework will enable both large and small institutions to invest, innovate and participate in the most exciting technological revolution of our time.
Trump's speech comes amidst previous interactions with the crypto community, including a Crypto Summit at the White House and a speech at the Bitcoin Conference in Nashville. While the White House summit had limited impact on the market, the Nashville speech was met with great enthusiasm. Cryptocurrency enthusiasts had been awaiting this new speech with the hope that it would provide positive momentum against concerns about the economic recession and disappointments related to US crypto assets.
The focus on stablecoin regulation represents a significant development. The bipartisan GENIUS Act bill, pending Congressional approval, could provide a clearer regulatory framework, fostering greater integration of cryptocurrencies in both the US and global economies.
The Trump administration's interest in stablecoins pegged to the dollar suggests an attempt to strengthen the dollar's position as the world's leading currency. The introduction of dollar-linked stablecoins could help consolidate the global dominance of the US currency in the coming decades. Trump has stated that the goal is to keep the dollar in its dominant position.
This comment raises questions about a possible plan by the Trump administration to develop new dollar-linked stablecoins. According to recent rumours, some members of his team may have discussed the initiative with representatives of Binance. The integration of stablecoins into the US economy could increase liquidity in the domestic crypto market and strengthen the US dollar.
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