Trump plans to “revoke and modify” US crypto tax rules and sign stablecoin bill

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 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 IRS and the Office of the Comptroller of the Currency (OCC) to "revoke and modify" guidelines that have harmed the ability of digital asset companies to do business in the United States.

Bessant mentioned stablecoin legislation. As members of both houses of Congress weigh the legalization path for stablecoin issuers such as Tether and Circle, Bessant said clear rules will help maintain the dollar's status as a global reserve currency. "We will maintain the dollar's status as the world's primary reserve currency, and we will use stablecoins to achieve this goal."

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