David Sacks, senior advisor on cryptocurrency and artificial intelligence to U.S. President Donald Trump, stated that the government expects the stablecoin bill to pass in the Senate with bipartisan support. 'We now have every reason to believe it will pass,' he said, following a crucial procedural vote in which 15 Democrats joined Republicans to clear the threshold for a lengthy debate.
(Guiding and Establishing the U.S. Stablecoin National Innovation Act) (GENIUS Act) is the most advanced effort by the federal government to establish a legal framework for digital assets pegged to the dollar. Sacks indicated that by unleashing the growth potential of stablecoins under clear rules, the bill could trigger demand for U.S. Treasury bonds in the 'trillions of dollars.'
Despite the controversy surrounding the Trump family's cryptocurrency trading, the stablecoin bill is still making progress. Critics worry that, given the bill's association with World Liberty Financial (a cryptocurrency company supported by members of the Trump family, which recently launched the stablecoin USD1), the government may benefit from it.