Trump Plans to ‘Rescind and Amend’ IRS Crypto Tax Rules, Sign Stablecoin Bill By August

Trump’s establishment of a strategic Bitcoin reserve and digital asset stockpile will meanwhile “position the United States as a leader among nations,” Bessent said. The strategic Bitcoin reserve and digital asset stockpile will contain seized funds, while allowing Bessent and Commerce Secretary Howard Lutnick to come up with budget-neutral strategies for acquiring Bitcoin, according to a White House fact sheet published on Thursday.

“President Trump is creating assets for the American people while most past presidents have created debt,” Bessent said, referring to Trump’s newly authorized reserve and stockpile. On Friday, Bessent referenced stablecoin legislation. As lawmakers in both chambers of Congress weigh a pathway to legality for stablecoin issuers like Tether and Circle, Bessent said that clear rules would help preserve the U.S. dollar’s role as a global reserve cy.

“We are going to keep the U.S. [dollar as] the dominant reserve cy in the world, and we are going to use stablecoins to do that,” Bessent said. Trump himself said during the televised portion of the White House crypto summit that he expects the House of Representatives and Senate to pass stablecoin legislation before “August recess,” providing him with an opportunity to sign the measure into law. Previously, Senate Banking Committee Chairman Tim Scott (R-SC) called for it within Trump’s first 100 days.

Two-dozen industry leaders attended the crypto summit on Friday, including Coinbase CEO Brian Armstrong and Strategy co-founder and Executive Chairman Michael Saylor. “They’re very much working with you, and you know a lot of them,” Trump said in their direction. “I just want to congratulate you for being at the White House today.”