The progress of cryptocurrency legislation in the United States: A breakthrough opportunity is approaching

In an interview with Bloomberg, David Sacks, a leading expert on AI and cryptocurrency, stated that the stablecoin bill is very close to becoming law. If passed, it is expected to enact clear regulations, providing the cryptocurrency industry with a more robust legal framework in the long term.

The stablecoin bill is nearing its destination

The stablecoin bill is nearing the end of the approval process. The House of Representatives has approved a similar model called the "Stables Act" and is currently considering the next steps. If all goes well, this bill will soon move to the president's desk. "We are very close to having a bill ready for signing," Sacks emphasized.

The global cryptocurrency market is also witnessing strong support. The Senate just passed the GENIUS law with a vote of 68 in favor and 30 against. President Donald Trump has vigorously supported this bill, calling it a "breakthrough bill that will make the United States the undisputed leader in the digital asset space."

Concerns about the combination of bills potentially causing delays

Sacks warns that merging the stablecoin bill with bills regarding the structure of the global financial market could delay progress. While the stablecoin bill has been passed by the House of Representatives, the market structure bill has just begun to be reviewed by the Senate. This combination could prolong the approval time, reducing the likelihood that the cryptocurrency stabilization bill will become law soon.

Overall, this bill plays a crucial role in promoting the development of the global stablecoin market. Citigroup predicts that the size of the global stablecoin market could reach $3.7 trillion by 2030, but a lack of clear regulations could reduce that figure to $500 billion.

Stablecoins could become operational within the U.S. legal framework

Currently, about $250 billion in stablecoins are circulating without detailed regulations. Sacks expects this bill to bring the stablecoin industry back to the United States, enhancing consumer rights and requiring regular audits of related activities.

This also opens up the possibility of widespread use of U.S. digital dollars globally, especially in countries with weak currencies. This trend could drive demand for U.S. government bonds into the trillions of dollars. Large companies like Amazon and Walmart have studied issuing their own stablecoins, and the bill will help regulate these activities under a clear conventional banking system.

The payment system of the future based on blockchain

Sacks calls this the "payment system of the future", based on blockchain and digital USD. With the bill, he expects the United States to create a faster, safer, and more efficient digital currency system.

Although current executive actions have somewhat paved the way, he believes that long-term clarity must rely on official regulations. "If you want these rules to last forever, especially when future politicians like Gary Gensler come back, you need to enshrine them in law," Sacks emphasized. This is a key step to help the cryptocurrency industry develop sustainably in the long term.

Source: https://tintucbitcoin.com/david-sacks-du-doan-luat-tien-dien-tu-sap-thong-qua/

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