PANews reported on March 8 that according to Decrypt, the Trump administration detailed how the United States plans to establish its leadership in the cryptocurrency field at the first White House cryptocurrency summit. U.S. Treasury Secretary Scott Bessant talked about establishing strategic Bitcoin reserves and digital asset inventories, "regulatory weaponization against digital assets," and a federal framework for stablecoins.

Bessant said former President Joe Biden’s policies had caused undue harm to innovators in the digital asset space. The Treasury Department will work closely with the IRS and the Office of the Comptroller of the Currency (OCC) to “revoke and modify” guidance that has harmed the ability of digital asset companies to do business in the United States.

Bessant mentioned stablecoin legislation. As lawmakers in both houses of Congress weigh a path to legalizing stablecoin issuers such as Tether and Circle, Bessant said clear rules would help preserve the dollar’s ​​status as the world’s reserve currency. “We will maintain the dollar’s ​​status as the world’s primary reserve currency, and we will use stablecoins to achieve that goal.”

Trump himself said he expects the House and Senate to pass stablecoin legislation “before the August recess.”