David Sacks, the best adviser to American president Donald Trump on crypto and artificial intelligence, said the administration expects the Stablecoin bill to erase the Senate with bipartite support.
“We are now waiting for this to pass,” Sacks told CNBC on May 21, following a key procedural vote which saw 15 democrats join the Republicans to release the filibusier threshold.
The law of guide and establishment of national innovation for Stablescoins (Genius) is the most advanced federal effort to date to establish a legal framework for digital assets pointed out in dollars.
Sacks said the bill could trigger “billions of dollars” from the demand for American treasury by unlocking the growth of stables under clear rules.
“We already have more than $ 200 billion in Stablecoins-it’s simply unregulated,” he added. “If we provide legal clarity, we create a huge request for treasurers almost overnight.”
In relation: The genius Act “legitimate” the seals for global institutional adoption
The Stable bill advances despite Trump’s controversy
The progress of the stable bill arises despite the controversy surrounding the cryptographic relations of the Trump family. Critics have raised fears that the administration will benefit from the legislation, given its links with World Liberty Financial, a cryptographic company supported by members of the Trump family who recently launched a Stablecoin, USD1.
The token is supported by the US Treasury and Dollars depots and has received an investment commitment of $ 2 billion from the MGX Fund for Abu Dhabi via Binance.
Sacks, who disclosed the sale of $ 200 million in assets related to the crypto before joining the White House, refused to say if the president or his family can gain financially from the adoption of the bill.
Despite the momentum, the final passage is not guaranteed. Senator Josh Hawley has added a controversial provision to the bill which would limit the credit costs of the credit card, a decision which could cost the support of the legislation of the allies of the financial industry.
In relation: Hong Kong adopts the Stablecoin invoice, which should open the licenses by the end of the year
Banks in the stable stables lavished
In a position on May 21 entitled “The Empire Hobbies Back”, Professor of New York University, Austin Campbell, said that the American banking banking sector “panic” during the rise of the stablescoins carrying yields, which threaten their profit model.
Campbell criticized the banking hall for putting pressure on the legislators in order to defend their interests and block the competition from paid stables.
He argued that banks are based on fractional reserve practices to enjoy while offering low yields to depositors, and fearing that stablecoins can expose and disturb this system.
As Cointelegraph reported, the American Commission for Securities and Exchange in February approved the first security of stable performance by the markets.
According to a report of May 21 of Pendle, the stablecoins which carry the yield has increased to $ 11 billion in traffic since January 2024, representing 4.5% of the total market of Stablescoin.
Review: Tradfi built Ethereum L2S for Tokensize Tillions in Rwas: Inside Story
