Former U.S. House Speaker Calls for Adding Stablecoins to Strategic Arsenal Against China

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The Impact of Cryptocurrency Policies on the 2024 Presidential Election

The influence of cryptocurrency policies is becoming a significant factor in the 2024 presidential election. It is noteworthy that officials from the Biden administration plan to participate in a policy roundtable hosted by Democratic Congressman Ro Khanna from California. Meanwhile, former President Trump has also expressed support for maintaining the position of cryptocurrency companies in the United States.

Trump Meets Bitcoin Miners, Promises to Protect Mining: Hopes the remaining Bitcoin will be mined in the United States

Former Speaker Paul Ryan Joins the Debate

Paul Ryan, who served as Speaker of the House of Representatives during the Obama and Trump presidencies, has also spoken out. Since retiring in 2019, Paul Ryan has been involved in the cryptocurrency space and currently serves on the policy committee of Paradigm, a venture capital firm focusing on cryptocurrency.

Advocating for Stablecoin Regulation to Defend U.S. Bonds

In a commentary article in The Wall Street Journal, Paul Ryan urges lawmakers to establish a "sound, predictable regulatory framework for stablecoins" in the United States. He believes that adopting stablecoins can make U.S. bonds more attractive in the international market, thereby preventing bond auction failures that could disrupt market stability and damage the reputation of the United States.

The Strategic Advantage of Stablecoins in Anti-China Tactics

Paul Ryan's argument revolves around the viewpoint that as China and other countries strengthen their digital currencies, the United States must innovate to maintain the competitiveness of the U.S. dollar. He points out that China's digital yuan has already been incorporated into banking services at HSBC China.

Paul Ryan emphasizes that the United States cannot ignore the progress of international competitors. Countries like China and Saudi Arabia are actively seeking alternative payment methods to the U.S. dollar system. By promoting stablecoins pegged to the U.S. dollar, the U.S. can maintain its financial influence.

Promoting American Values

Paul Ryan carefully distinguishes between China's digital currency and potential stablecoins in the United States. He emphasizes that issuing dollar-pegged stablecoins on public, permissionless blockchains aligns with American values of freedom and openness. However, he does not specify which stablecoins he believes should be promoted.

Bipartisan Efforts to Promote Stablecoin Framework

Paul Ryan ultimately calls for bipartisan efforts in Congress to establish a stable and predictable regulatory framework for stablecoins. He believes that achieving this can provide a much-needed political victory in a contentious election year. "In an election year, with all the ugliness of politics that's coming, we do need a win," Paul Ryan stated, emphasizing the potential benefits of stablecoin regulation for national financial stability and global standing.