Trump’s Crypto Czar Optimistic About Stablecoin Bill, Says GENIUS Act ‘Going To Pass’

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Bitcoinist 15h ago

Trump’s Crypto Czar Optimistic About Stablecoin Bill, Says GENIUS Act ‘Going To Pass’ - Bitcoinist

Quick Summary:

The White House’s AI and Crypto Czar, David Sacks, has said that the Trump administration is optimistic about the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act moving through the Senate after it regained momentum and bipartisan support.

He noted that the sector already has over $200 billion in stablecoins despite being unregulated, which could suggest that clear regulations could significantly increase the market.“If we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our Treasuries practically overnight, very quickly,” Sacks affirmed.

The GENIUS Act faced a second cloture motion at the start of the week after an unsuccessful procedural vote two weeks ago, receiving only 49 out of the 60 votes required to advance to an open floor debate.