Home Stablecoins could bolster U.S. dollar: former House Speaker

Stablecoins could bolster U.S. dollar: former House Speaker


  • The 2024 U.S. Presidential race sees cryptocurrency policy as a key issue, with both parties engaging in debates.
  • Paul Ryan urges lawmakers to create a regulatory framework for stablecoins to boost U.S. debt attractiveness.
  • Ryan highlights China's digital currency advances, stressing the need for U.S. adoption of dollar-backed stablecoins.

The 2024 U.S. Presidential race is heating up, and cryptocurrency policy is emerging as a key issue. With the Biden administration reportedly planning to attend a crypto policy roundtable and former President Trump expressing support for keeping crypto companies in the U.S., former House Speaker Paul Ryan has now joined the debate.

In a June 13 Wall Street Journal article Ryan — who served as the top Republican in the House under Presidents Obama and Trump before retiring in 2019, is urging lawmakers to consider creating a suitable crypto regulatory framework:

A sound, predictable regulatory framework for stablecoins has bipartisan support in Congress and would help dramatically expand the use of digital dollars at a critical time. In an election year, given all the ugly politics to come, we sure could use a win.

Ryan argued that embracing stablecoins could make U.S. debt more attractive in international markets and prevent a potentially disastrous failed debt auction. He wrote:

If other countries are successful at bolstering their currencies’ influence while dumping Treasury debt, the U.S. will need to find new ways to make the dollar more attractive. Dollar-backed stablecoins are one answer.

The dollar has competition

Ryan also noted that China has already embraced digital currency technology through its e-yuan, with HSBC China becoming the first foreign bank to offer e-yuan banking services. Ryan emphasized the importance of the U.S. not sitting idly as China and Saudi Arabia, traditionally large purchasers of American debt, seek alternatives outside the dollar system:

Promoting dollar-backed stablecoins would follow a well-trodden path and offer clear near-term benefits. There would be an immediate, durable increase in demand for U.S. debt, which would reduce the risk of a failed debt auction and an attendant crisis. Unlike China’s digital financial infrastructure, dollar-backed stablecoins issued on public, permissionless blockchains come packaged with the deeply American values of freedom and openness.

The former Speaker called for a bipartisan effort in Congress to craft a regulatory framework for stablecoins, suggesting it could be a unifying issue in an election year likely to be marked by divisive politics. He concluded:

In an election year, given all the ugly politics to come, we sure could use a win.

As the 2024 election approaches, it’s clear that cryptocurrency policy will be a significant point of debate and a potential area for legislative action. With influential figures like Paul Ryan weighing in, the stage is set for stablecoins and digital currency to play a central role in the political and economic discourse.

As recently reported by Readwrite, presidential candidate Donald Trump has continuously pledged ever-increasing crypto support during his campaign. Biden, on the other hand, is reportedly considering accepting crypto campaign donations after recently deciding to strike down a bipartisan push to repeal pro-crypto bill SAB 121.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Radek Zielinski
Tech Journalist

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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