David Sacks: Stablecoin Bill 'Coming Soon'

[David Sacks: The stablecoin bill is “about to pass”] David Sacks, a senior advisor on Crypto Assets 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 have every reason to believe it will pass now,” he said, after 15 Democrats joined Republicans in a key procedural vote, clearing the threshold for lengthy debate. The National Innovation Act for Guiding and Building U.S. Stablecoins (GENIUS Act) is the most advanced effort made by the federal government to date to establish a legal framework for digital assets pegged to the U.S. dollar. Sacks said the bill could trigger “trillions of dollars” of demand for U.S. Treasuries by unlocking the growth potential of stablecoins under clear rules. Despite the controversy surrounding the Trump family’s encryption trading, the stablecoin bill has still made progress. Critics are concerned that, given the bill’s connection to World Liberty Financial (a Crypto Assets company supported by members of the Trump family that recently launched the stablecoin USD1), the government may benefit from it.