White House Backs #stablecoin Bill Set to Unlock Trillions

The U.S. is on the verge of a financial shake-up as the GENIUS Act, a new bill aimed at regulating stablecoins, gains strong bipartisan support. Spearheading the push is David Sacks, President Trump’s top crypto and AI advisor, who believes this legislation could unleash trillions in demand for U.S. Treasuries.

“Trillions Overnight”

“We already have over $200 billion in stablecoins — it’s just unregulated,” said Sacks. With proper legal clarity, he believes stablecoins can serve as powerful tools for driving treasury demand and modernizing U.S. payment infrastructure.

The GENIUS Act cleared a key Senate vote, with 15 Democrats joining Republicans to break the filibuster threshold. Final passage now appears within reach.

Red Flags Over Ethics

Despite the bill’s economic promise, concerns persist. Critics warn that President Trump’s personal ventures in crypto, including a meme coin and a family-backed stablecoin (USD1), pose serious conflict-of-interest risks.

Sacks, who sold $200 million in crypto holdings before joining the White House, sidestepped questions about the president’s ongoing financial ties.

Stablecoins: The Future of Payments?

Unlike volatile cryptocurrencies like Bitcoin, stablecoins are pegged to assets like the U.S. dollar, offering more stable value and wider use in transactions. Last year, stablecoin volume surpassed Visa and Mastercard combined, reaching $28 trillion.

Sacks describes the #GENIUSAct as more than crypto legislation — it’s an economic strategy to digitize the dollar and boost U.S. dominance in online finance.

Challenges Ahead

Still, hurdles remain. A controversial rider capping credit card late fees, added by Senator Josh Hawley, could delay passage by upsetting key banking allies.

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