Donald Trump endorses stablecoins, says US will follow ‘never sell your bitcoin’ rule
ByHT News Desk
Mar 08, 2025 04:50 AM IST
Trump and crypto czar David Sacks hosted a roundtable of digital assets industry executives at the White House digital assets summit in Washington.
President Donald Trump on Friday said he would support legislative efforts to create a regulatory framework for stablecoins to keep the US dollar as the world's dominant reserve currency.
Scott Bessent, US treasury secretary, from left, US President Donald Trump, and David Sacks, White House Artificial Intelligence (AI) and Crypto czar, during The White House Digital Assets Summit in the State Dining Room of the White House in Washington, DC, US, on Friday, March 7, 2025.(Bloomberg)
Scott Bessent, US treasury secretary, from left, US President Donald Trump, and David Sacks, White House Artificial Intelligence (AI) and Crypto czar, during The White House Digital Assets Summit in the State Dining Room of the White House in Washington, DC, US, on Friday, March 7, 2025.(Bloomberg)
Trump and crypto czar David Sacks hosted a roundtable of executives from the crypto industry described by the administration as the White House digital assets summit in Washington.
Addressing the gathering of crypto executives, Trump said, “I also want to express my strong support for the efforts of lawmakers in Congress as they work on bills to provide regulatory certainty for dollar-backed stablecoins and the digital assets market. They’re working very hard on that.”
Treasury Secretary Scott Bessent said he would work with regulators and agencies to update the guidance issued by the Biden administration. “We are going to keep the US (dollar) the dominant reserve currency in the world, and we will use stablecoins to do that,” he said.
The US president accused the Biden administration of selling bitcoins worth billions of dollars and said his administration would not do that anymore.
“Unfortunately, in recent years, the US government has foolishly sold tens of thousands of additional bitcoins that were worth billions and billions of dollars had they not sold them,” Trump said.
“From this day on, America will follow the rule that every bitcoin investor knows very well: never sell your bitcoin,” he added.
On Thursday, Trump signed an executive order to create a Bitcoin reserve and a stockpile of other tokens which will hold cryptocurrencies forfeited due to legal proceedings.
White House crypto czar David Sacks told Bloomberg on Friday that the government believes that it still holds around half of the 400,000 Bitcoin obtained over the past decade. “We say we believe because no one knows for sure, we never had a proper audit,” he said.
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