H.R. 5136: Dollar Dominance Act of 2025

This bill, known as the Dollar Dominance Act of 2025, proposes the establishment of a new office within the U.S. Department of State called the Office of Strategic Currency Diplomacy. The main responsibilities of this office include:

Combatting Undermining of the Dollar

The office will work to prevent and counteract efforts by other countries or entities that aim to reduce the reliance on the U.S. dollar as the global reserve currency.

Cooperation with Allies

It will partner with U.S. allies to maintain the strength and integrity of payment and financial systems that use the U.S. dollar.

Virtual Assets Evaluation

The office will assess how virtual assets, such as cryptocurrencies, may affect U.S. foreign policy and national security.

Aligning Foreign Policy with Monetary Security

It will ensure that U.S. foreign policy, especially the use of economic sanctions, is aligned with maintaining monetary security.

Coordination of Government Programs

The office will lead the coordination of international programs involving various federal departments that are related to its responsibilities.

Strategic Advisory Role

It will serve as the primary advisor to the Assistant Secretary for Commercial Diplomacy on policies designed to enhance the use of the U.S. dollar as the main reserve currency in world markets.

Policy Development

The office will collaborate with other federal agencies to create strategic plans to protect the U.S. dollar's position in the international market, which will be included in biannual economic reports.

Promoting Dollar Use in Transactions

It aims to develop policies to increase the proportion of international transactions and foreign currency reserves held in U.S. dollars.

Representation in International Engagements

The office will represent the Secretary of State in international discussions regarding the expansion of virtual assets and stablecoins that are dollar-denominated.

Countering Central Bank Digital Currencies

It will monitor and strategize against the rise of Central Bank Digital Currencies in other countries to ensure the stability and dominance of the U.S. dollar.

Additional Responsibilities

Lastly, the office can take on any additional duties assigned by the Assistant Secretary for Commercial Diplomacy.

Relevant Companies

• COIN (Coinbase Global, Inc.) - As a major cryptocurrency exchange, Coinbase may be impacted by regulations and policies related to virtual assets and the promotion of dollar-dominated stablecoins.
• AMZN (Amazon.com, Inc.) - This e-commerce giant could be affected if there are changes to payment systems that favor U.S. dollar transactions or influence the use of digital payment methods.
• WORK (Slack Technologies) - Potentially impacted due to any shifts in communication and collaboration tools catering to financial transactions, especially in international and multi-currency environments.