Summary
- Bo Hines, the Virtual Asset Advisory Chair, stated that the GENIUS bill could strengthen the dominance of the dollar.
- He emphasized that this bill enables the modernization of payment systems and faster money transfers.
- The GENIUS bill failed to pass the plenary session but is scheduled for a re-vote.
Bo Hines, the Chair of the White House Presidential Virtual Asset (Cryptocurrency) Advisory Committee, stated on the 16th (local time) via his X (formerly Twitter) that "The US stablecoin regulation bill, GENIUS, can strengthen the dominance of the dollar, modernize outdated payment systems, and provide Americans with faster, cheaper, and more transparent ways to move money."
He added, "Digital asset technology is the next generation of finance, and the US is ready to lead it."
Previously, the GENIUS bill failed to pass the plenary session on the 9th and is scheduled for a re-vote on May 19th (local time).
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
