U.S. Digital Asset Advisory Chair: "If the Genius Act Passes, Crypto Market Cap Could Reach $20 Trillion"
Summary
- Chair Bo Hines stated that the soon-to-pass Genius Act would have a significant impact on the global financial markets.
- The act is forecasted to lead to an influx of large-scale capital into the crypto market, potentially driving total market capitalization to $15–20 trillion.
- The Genius Act is highlighted as central to enhancing real-time settlement, cost efficiency, and transparency, and to strengthening the global dominance of the United States Dollar.
According to the crypto-focused media outlet The Crypto Basic on the 3rd (local time), Bo Hines, Chair of the U.S. White House Presidential Council of Advisers for Digital Assets, stated that the stablecoin regulation bill 'Genius Act', which is expected to soon pass Congress, would have a massive impact on the global financial markets once enacted.
He explained, "The bill is anticipated to lead to large-scale capital inflows into the digital asset market, with the total crypto market capitalization potentially reaching $15–20 trillion."
He further emphasized, "The financial system has seen no substantial updates for decades. The Genius Act will enable faster real-time settlement, improve cost-efficiency, and enhance transparency."
Additionally, he commented, "This bill will become a key factor in strengthening the global dominance of the United States Dollar for decades to come," adding, "With support already secured from 15 Democratic representatives, we expect bipartisan cooperation will help pass the bill next week."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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