**Trump Vows to Overhaul IRS Crypto Tax Rules, Approve Stablecoin Bill by August**

President Donald Trump outlined the U.S. strategy for establishing dominance in the cryptocurrency sector during the inaugural White House crypto summit.

During the first-ever White House crypto summit on Friday, President Donald Trump's administration outlined its approach to strengthening U.S. leadership in the digital asset space.

In a televised segment of the highly anticipated event, U.S. Treasury Secretary Scott Bessent discussed plans for a strategic Bitcoin reserve, a digital asset stockpile, and the fight against “regulatory weaponization” targeting cryptocurrencies. He also highlighted efforts to establish a federal framework for stablecoins.

Bessent criticized policies under former President Joe Biden, arguing they stifled innovation in the crypto industry. He stated that the Treasury Department, in collaboration with the IRS and the Office of the Comptroller of the Currency (OCC), aims to “rescind and amend” previous regulations that have hindered digital asset firms from operating effectively in the U.S.

Bessent stated that Trump’s creation of a strategic Bitcoin reserve and digital asset stockpile would “position the United States as a leader among nations.”

According to a White House fact sheet released Thursday, the reserve and stockpile will consist of seized funds while allowing Bessent and Commerce Secretary Howard Lutnick to develop budget-neutral strategies for acquiring Bitcoin.

“President Trump is building assets for the American people, whereas most past presidents have accumulated debt,” Bessent remarked, highlighting the significance of the newly authorized reserve and stockpile.

On Friday, Bessent addressed stablecoin legislation, noting that as lawmakers in both chambers of Congress consider a regulatory framework for issuers like Tether and Circle, establishing clear rules would help maintain the U.S. dollar’s status as the world’s primary reserve currency.

Bessent emphasized the administration’s commitment to maintaining the U.S. dollar as the world's dominant reserve currency, stating that stablecoins would play a key role in achieving this goal.

During the televised segment of the White House crypto summit, Trump expressed confidence that Congress would pass stablecoin legislation before the August recess, allowing him to sign it into law. Previously, Senate Banking Committee Chairman Tim Scott (R-SC) had urged for its passage within Trump’s first 100 days in office.

Around two dozen industry leaders participated in Friday’s crypto summit, including Coinbase CEO Brian Armstrong and MicroStrategy co-founder and Executive Chairman Michael Saylor.

Addressing them directly, Trump acknowledged their contributions, stating, “They’re very much working with you, and you know a lot of them.” He went on to congratulate them, adding, “I just want to congratulate you for being at the White House today.”