Sacks said the bill could trigger “trillions of dollars” in demand for US Treasurys by unlocking stablecoin growth under clear rules.“We already have over $200 billion in stablecoins — it’s just unregulated,” he added.“If we provide legal clarity, we create enormous demand for Treasurys practically overnight.”Related: GENIUS Act ‘legitimizes’ stablecoins for global institutional adoptionStablecoin bill moves forward despite Trump controversyThe stablecoin bill’s progress comes despite controversy surrounding the Trump family’s crypto dealings.
Related: Hong Kong passes stablecoin bill, set to open licensing by year-endBanks panicking over yield-bearing stablecoinsIn a May 21 post titled “The Empire Lobbies Back,” New York University professor Austin Campbell said the US banking industry is “panicking” over the rise of yield-bearing stablecoins, which threaten their profit model.
David Sacks, US President Donald Trump’s top adviser on crypto and artificial intelligence, said the administration expects the stablecoin bill to clear the Senate with bipartisan backing.“We have every expectation now that it’s going to pass,” Sacks told CNBC on May 21, following a key procedural vote that saw 15 Democrats join Republicans to clear the filibuster threshold.
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Author / Journalist: Cointelegraph by Amin Haqshanas
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