Crypto Legislation Expected to be Completed Soon, According to Trump's Advisor

Efforts to create a regulatory framework for the crypto industry are underway, with strategists working on two bills to establish oversight and regulation. Bo Hines, executive director of the Presidential Council of Advisers for Digital Assets, stated that the procedures are being finalized to move legislation forward, with a focus on regulating stablecoin issuers and establishing a full regulatory regime for US crypto markets. Hines expressed confidence that the bills will reach Trump's desk for signature before Congress takes its summer recess in August. The president's advisor emphasized that the rise of crypto has presented attractive innovations for investors and that Trump's business interests in the industry are not a factor in the legislation. The White House is working to establish a bitcoin reserve, with a Treasury-led audit of US crypto holdings currently in progress. Hines noted that the administration is exploring ideas for adding to the funds without using taxpayer money and views bitcoin as 'digital gold'. The transition from the previous administration to Trump's has been significant for the industry, with regulatory agencies reversing policies and engaging in crypto discussions. Hines has had numerous meetings with crypto insiders and believes that the industry is largely aligned on the need for regulation and legislation.