Rep. Bryan Steil, R-Wis., told Newsmax on Thursday that his bill concerning a type of cryptocurrency known as a "stablecoin" would help establish the U.S. dollar as "the world reserve currency."
Steil, who chairs the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee, and House Financial Services Committee Chairman French Hill, R-Ark., introduced the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act on Wednesday.
The bill would "establish a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States," according to a press release.
Steil told "Newsline," "We want the U.S. dollar to be the world reserve currency and … stablecoin legislation is going to allow the United States to remain the dominant leader — not only in Web3 technology, not only in crypto — but, in particular, to make sure that the U.S. dollar is the world's reserve currency."
Steil added, "We're really excited about where we're going to go, and we think we have a huge opportunity with President [Donald] Trump at the White House."
Trump has been very supportive of cryptocurrency since taking office, signing an executive order to create a strategic bitcoin reserve and a U.S. digital asset stockpile, as well as appointing a "crypto czar" and hosting a cryptocurrency summit at the White House.
Trump and his family also launched World Liberty Financial, a decentralized financial company, prior to his election in 2024 along with Zach Witkoff, the son of Trump's Middle East envoy Steve Witkoff, which is set to release a stablecoin tied to the U.S. dollar later this year.
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Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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