US Crypto Czar: "Stablecoin Bill Will Pass Senate with Bipartisan Support"

Minseung Kang

Summary

David Sacks stated that the stablecoin regulatory bill is likely to pass the Senate.
He mentioned that if the stablecoin regulatory proposal passes, it will create a multi-trillion dollar demand for US Treasuries.
The bill is being pushed amid conflict of interest controversies involving the Trump family, but its final passage remains uncertain.

*Photo=Senate Banking Committee X Capture*

David Sacks, the US White House Cryptocurrency (Crypto) and Artificial Intelligence (AI) Czar, strongly hinted at the possibility of the stablecoin regulatory bill passing the Senate.

According to the cryptocurrency specialist media outlet Cointelegraph on the 22nd (local time), Sacks recently stated in an interview with CNBC, "I am confident that the bill will pass at present," and "Once a clear legal framework is established, a multi-trillion dollar demand for US Treasuries will be created through stablecoins."

The stablecoin regulatory proposal, known as the 'GENIUS Act,' is the first comprehensive federal legislative attempt for dollar-linked digital assets. The bill recently entered the formal deliberation stage in the Senate with a 66 to 32 vote.

Sacks emphasized, "There are already $200 billion worth of stablecoins, but they remain in a regulatory void," and "Once legal clarity is secured, institutional demand for US Treasuries will practically explode."

The media reported, "The bill's push is proceeding amid conflict of interest controversies involving the Trump family participating in the stablecoin project 'USD1,'" and "Although the final passage of the bill remains uncertain, Sacks avoided answering whether the President or his family would economically benefit from the bill."

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