The U.S. White House's "Crypto Czar," David Sacks, has lauded the Senate's approval of the GENIUS Act as a significant win for the cryptocurrency community and a boost to Trump's virtual asset policies. Speaking with Fox Business, Sacks highlighted the importance of the stablecoin regulation law. The GENIUS Act proposes a framework for licensing stablecoin issuers, ensuring 100% reserve backing, and requiring annual audits for larger issuers (over $50 billion market cap). It also addresses the regulation of overseas stablecoin issuers. The bill now faces a crucial vote in the House of Representatives before potentially reaching President Trump for his signature. Its passage would provide much-needed regulatory clarity for the stablecoin market and foster greater confidence and investment in the digital asset space. The GENIUS Act represents a step towards mainstream adoption and a more secure environment for cryptocurrency users. ```