Les Borsai to Newsmax: Trump Admin Bringing 'Golden Age' for Stablecoins

("National Report"/Newsmax)

By    |   Tuesday, 05 August 2025 01:44 PM EDT ET

The Trump administration, through its moves to codify stablecoins into law, is doing a "really good job of making it the golden age" for technology, Les Borsai, the co-founder of Wave Digital Assets, told Newsmax Tuesday. 

President Donald Trump has recently signed the GENIUS Act, bringing new regulations and updated tax rules for stablecoins, and Borsai said on Newsmax's "National Report," the legislation will define how the Commodity Futures Trading Commission and the Securities and Exchange Commission will handle the assets.

"It's been a very thoughtful, strategic plan," he said. "You may remember in January, when we had that executive order that they would bring a working group together, you know, of the Treasury, Commerce, CFTC, all of the president's kind of groups to generate this report. [It] is a product of the stablecoin Genius Act, clarity."

And now that the regulatory process is being laid out, it's "super exciting," Borsai added. 

Meanwhile, bitcoin's performance in July lagged behind that of ethereum, which went up by 54% compared to 10% for bitcoin, according to a Business Insider report, and Borsai said that has happened for several reasons. 

"Bitcoin is a store of value, and you can compare it to gold," he said. "But with ethereum, it's connected to a smart contract. It's validated differently. You know bitcoin is validated through proof of work. And ethereum is validated through lockups, which is called proof of stake."

The difference, said Borsai, is that if one looks at stablecoins and decentralized finance (DEFI), "all of that happens on ethereum, so that's one of the reasons we're seeing a surge, because of the administration's pro-forward."

Big institutional adoption also led to the rise in ethereum, he said. 

"You know we have Blackrock, we have Fidelity Greyscale, going into these ETFs, and it's been really successful," said Borsai. "When you start to put that together with things like Walmart and Amazon launching, talking about launching their own stablecoins, all of that starts to push the ethereum message."

And because there is so much volume on the ethereum blockchain from stablecoins and DEFI, which makes up about 50% of the volume, one can understand why ethereum has surged, he added. 

Meanwhile, there has been talk of the United States establishing a national crypto reserve, and Borsai said he would like to see a mechanism to create liquidity, not liquidating assets, so the federal government can use the technology for "good purposes."

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Sandy Fitzgerald

Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics. 

© 2025 Newsmax. All rights reserved.


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The Trump administration, through its moves to codify stablecoins into law, is doing a "really good job of making it the golden age" for technology, Les Borsai, the co-founder of Wave Digital Assets, told Newsmax Tuesday.
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