Odaily reports that the Trump administration detailed the US plan to establish its leadership in the cryptocurrency sector at the first White House cryptocurrency summit. US Treasury Secretary Scott Bassentt discussed establishing a strategic Bitcoin reserve and digital asset inventory, "weaponizing regulation against digital assets," and a federal framework for stablecoins. Bassentt stated that former President Joe Biden's policies have caused undue harm to innovators in the digital asset space. The Treasury Department will work closely with the IRS and the Office of the Comptroller of the Currency (OCC) to "revoke and modify" guidelines that have harmed the ability of digital asset companies to operate in the US. Trump himself stated in the televised portion of the White House cryptocurrency summit that he expects the House and Senate to pass a stablecoin bill before the "August recess," giving him the opportunity to sign the measure into law. Previously, Senate Banking Committee Chairman Tim Scott (R-SC) called for this plan to be implemented within the first 100 days of Trump's term.