Trump plans to "revoke and modify" U.S. crypto tax rules and sign stablecoin bill by August

PANews March 8 news, 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 Besent talked about establishing strategic Bitcoin reserves and digital asset inventory, “regulatory weaponization of digital assets” and a federal framework for stablecoins.

Becente said former President Joe Biden's policies have caused undue harm to innovators in the digital asset space. The Treasury Department will work closely with the IRS and the Office of the Supervisor of Currency (OCC) to “revoke and modify” guidelines that once caused damage to digital asset companies’ ability to conduct business in the United States.

Becente mentioned stablecoin legislation. As members of the two houses weighed the legalization pathways for stablecoin issuers such as Tether and Circle, Besent said clear rules would help maintain the dollar's status as a global reserve currency. “We will maintain the US dollar as the world’s leading reserve currency and will use stablecoins to achieve this.”

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