Trump plans to "revoke and amend" U.S. encryption tax rules, and sign the stablecoin bill before August

PANews reported on March 8th, according to Decrypt, that the Trump administration detailed how the United States plans to establish its leadership in the cryptocurrency field at its first White House Cryptocurrency Summit. U.S. Treasury Secretary Scott Bessent discussed establishing strategic Bitcoin reserves and digital asset inventories, "weaponizing regulations against digital assets," and a federal framework for stablecoins.

Bessent stated that former President Joe Biden's policies have caused undue harm to innovators in the digital asset field. The Treasury Department will work closely with the Internal Revenue Service (IRS) and Office of Comptroller of Currency (OCC) to "revoke and amend" guidelines that once harmed the ability of digital asset companies to operate in America.

Bessent mentioned legislation for stablecoins. As members of both houses weigh legal avenues for issuers like Tether and Circle, Bessent said clear rules would help maintain dollar's status as global reserve currency. "We will keep dollar's position as world’s main reserve currency, using stablecoins towards this goal."

Trump himself stated he expects both House of Representatives and Senate will pass legislation on stablecoin before their “August recess”.