The White House’s push for stablecoin regulation could trigger trillions of dollars in Treasury demand “practically overnight,” Trump advisor David Sacks says.
David Sacks, President Donald Trump’s top advisor on crypto and artificial intelligence, said the administration expects the U.S. Senate to pass the GENIUS Act, a stablecoin regulation bill that he claims could drive massive new demand for U.S. Treasuries.
In an interview with CNBC on Wednesday, Sacks said there are already over $200 billion in stablecoins, though currently unregulated, adding that providing legal clarity and a proper framework could create “trillions of dollars of demand for our Treasuries practically overnight, very quickly.”
The bill, officially known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, cleared a key Senate hurdle this week when 66 senators voted to advance it, including 15 Democrats, giving the legislation enough support to avoid a filibuster.
Sacks said the administration now has every expectation that the bill is going to pass, though he didn’t respond to a question about potential conflicts of interest involving Trump and his family’s crypto businesses.