President Donald Trump is calling on Congress to pass a major stablecoin bill, saying it will keep the U.S. dollar at the top of global finance.
He made the demand on Thursday in a video speech at the Blockworks Crypto Conference in New York. The bill, which has already moved forward in the Senate Banking Committee, is designed to regulate privately issued, dollar-backed stablecoins.
“I’ve also called on Congress to pass landmark legislation creating simple, common sense rules for stablecoins and market structure,” Trump said. He told the audience that approving the bill would lead to massive economic growth. “You will unleash an explosion of economic growth, and with the dollar-backed stablecoins, you’ll help expand the dominance of the U.S. dollar,” he added.
Trump ties stablecoins to U.S. dollar dominance
The stablecoin bill, which cleared the Senate Banking Committee last week, is being seen as a major win for the crypto industry. The bipartisan legislation would regulate stablecoins pegged to the U.S. dollar, allowing them to be used more widely in financial transactions. Supporters argue that it will lead to faster and cheaper payments for millions of people around the world.
Trump, who has positioned himself as a strong crypto advocate, made it clear that he sees stablecoins as a tool for maintaining U.S. economic power. “And many, many years to come, it’ll be at the top, and that’s where we want to keep it,” he said.
He also praised the crypto industry for its role in reshaping finance. “I can already see that the energy and passion of the crypto community is the kind of spirit that built our country,” he said. “It is exciting to watch as you invent the future of finance. And right here, it’s going to be right here in the USA, the good old USA.”
Trump signs executive order for Bitcoin reserve
Trump isn’t just talking about crypto—he’s making policy moves. Earlier this month, he signed an executive order to create a Strategic Bitcoin Reserve and another stockpile of crypto assets. This fulfilled a campaign promise, but the specifics of the plan fell short of what many in the crypto industry expected.
Trump’s Bitcoin reserve was one of several promises meant to gain support from the crypto community. His pledge to fire Gary Gensler, the former SEC chair, also helped push crypto prices higher before his inauguration. However, market sentiment turned negative in February after concerns about inflation, tariffs, a $1.5 billion hack, and outflows from digital asset ETFs.
Crypto industry gains political power in Washington
While Trump’s support for crypto is significant, the industry’s influence in Washington has been growing beyond him. A key player in this shift is Democratic Senator Kirsten Gillibrand of New York, who has become a strong ally for crypto legislation. She recently took charge of Democratic election fundraising and has been pushing for crypto tax reforms and a stablecoin bill.
Cynthia Lummis, a Republican senator from Wyoming and one of the biggest crypto advocates in the Senate, said that Gillibrand’s support is essential. “Without her, it doesn’t happen,” she said. She emphasized that Gillibrand’s Wall Street connections make her a powerful force in finance-related legislation.
Gillibrand’s influence also extends to Republican Banking Committee Chairman Tim Scott, another crypto supporter. The two have a close personal relationship and are known to attend a weekly prayer luncheon together.
Crypto-backed PACs flood elections with money
Under Trump, federal regulators have been backing off on lawsuits against crypto companies. But long-term change requires action from Congress.
The shift in Washington became clear last week when five Democratic senators on the Banking Committee went against Elizabeth Warren and backed a stablecoin bill. This was a major reversal from past years when Sherrod Brown, the former chair of the committee, blocked crypto-friendly legislation.
Meanwhile, crypto interests have been pouring millions of dollars into elections. Fairshake PAC, the most well-funded crypto political action committee, spent $40 million to defeat Brown and support Bernie Moreno, a Republican senator and crypto supporter.
As the 2025 election cycle ramps up, crypto-backed PACs are building massive war chests. In January, Fairshake announced that it had raised $116 million for upcoming races.
Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
