According to CoinDesk, Bo Hines, the Executive Director of the U.S. Presidential Advisory Council on Digital Assets, revealed at the Consensus 2025 conference in Toronto that despite recent legislative setbacks, President Donald Trump is still expected to sign the highly anticipated "Stablecoin and Market Structure Act" before Congress adjourns in August 2025. This statement not only injects confidence into the crypto industry but also marks a further acceleration of the U.S. strategic layout in the global digital finance competition. Meanwhile, the White House is speeding up the strategic Bitcoin reserve plan, attempting to consolidate the U.S. leadership position in the cryptocurrency field through policy innovation. However, the Trump family's association with crypto projects has sparked controversy, and the interplay of regulation and conflicts of interest casts a shadow over the legislative outlook.
Stablecoin Legislation: The New Battleground for Dollar Hegemony
As a core infrastructure of the crypto economy, the regulatory framework for stablecoins directly relates to the dollar's position in the next-generation financial system. Bo Hines clearly stated at the Consensus 2025 conference that the White House views stablecoin legislation as a priority, aiming to ensure that the dollar continues to serve as the core tool for global payments and settlements. He pointed out that the Trump administration hopes to establish clear rules for stablecoin issuance through legislation while preventing the emerging financial system from bypassing dollar settlements, which threatens U.S. financial dominance.
On May 14, 2025, several industry insiders on the X platform cited Trump's advisory team, emphasizing that the U.S. bottom line is "you can bypass SWIFT, but you cannot bypass the dollar." This position reflects the White House's strategic positioning on stablecoins: to embrace blockchain technology innovation while ensuring the dollar's anchoring position in the global financial system. According to a report by Blockchain Weekly on May 10, the Trump administration is closely coordinating with congressional Republican leaders to finalize the details of the bill before August. Although the previous "GENIUS Act" was thwarted in the Senate by a 48-49 vote due to Democratic opposition, Hines expressed optimism that current negotiations have made progress and some differences are being bridged.
The core objectives of the bill include: establishing a federal regulatory framework for stablecoin issuance, clarifying the qualifications of issuing entities, reserve transparency, and anti-money laundering requirements; while also providing legal clarity for the crypto market structure, regulating the operations of trading platforms and custodians.
Strategic Bitcoin Reserve: From Concept to Reality
Alongside the stablecoin legislation, the Trump administration is promoting the Strategic Bitcoin Reserve (SBR) plan. Trump signed an executive order formally incorporating approximately 200,000 bitcoins (valued at about $17 billion) held by the federal government into the national reserve system, promising "never to sell." Bo Hines further revealed at the Consensus 2025 conference that the White House has formed a dedicated task force to account for the bitcoins in federal assets and explore the possibility of increasing holdings through confiscation or other means.
According to a report by Sina Finance on May 12, 26 states in the U.S. have passed legislation supporting Bitcoin reserves, with Arizona being the first to become a pilot state. This wave of "Bitcoin reserve" initiatives is seen as an extension of the Trump administration's strategy to incorporate cryptocurrency into national strategic assets, aiming to hedge against dollar inflation risks and seize global digital asset discourse power.
Trump Family's Crypto Business: Escalating Conflicts of Interest Controversy
On May 15, messages on the X platform indicated that Democratic members of the U.S. House of Representatives have sent a letter to the Treasury Department requesting suspicious activity reports on Trump's crypto projects, questioning whether his team might be using presidential influence to pave the way for family businesses. Senate Democrats have also intensified their resistance to stablecoin legislation due to the Trump family's involvement in cryptocurrency. In response, Bo Hines firmly stated at Consensus 2025 that Trump's sons, as private entrepreneurs, have the right to participate in market competition, and the U.S. president "cannot be bought." He further argued that the Trump family's crypto projects are unrelated to the legislative process, and the accusations of conflicts of interest are purely political smear tactics.
Market and Global Impact: Opportunities and Challenges Coexist
If the stablecoin and market structure bill is enacted before August, it will have a profound impact on the global crypto market. On one hand, a clear regulatory framework is expected to attract more institutional funds into the U.S. market, promoting the crypto industry from "wild growth" to regulated development. On the other hand, overly stringent compliance requirements may force small and medium-sized crypto enterprises to go overseas, weakening the innovation vitality in the U.S. Additionally, the advancement of the strategic Bitcoin reserve plan may further stimulate other countries to follow suit, creating a "digital gold" competition landscape.
This article represents the author's personal views and does not reflect the position or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.
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