Trump’s crypto czar David Sacks says stablecoin bill is ‘going to pass’
David Sacks, a top adviser to President Trump on crypto and AI, anticipates bipartisan support for the stablecoin bill, the GENIUS Act, following a procedural vote that overcame the filibuster threshold. The bill aims to establish a legal framework for dollar-pegged digital assets and could significantly increase demand for US Treasurys by providing regulatory clarity for the over $200 billion in unregulated stablecoins. Controversy surrounds the bill due to potential financial benefits for the Trump family, linked to their involvement with World Liberty Financial and its stablecoin, USD1. Senator Josh Hawley’s proposed provision to cap credit card late fees may jeopardize the bill's support from financial allies. Additionally, concerns arise within the banking industry regarding yield-bearing stablecoins, which threaten traditional profit models. Yield-bearing stablecoins have reached $11 billion in circulation, representing 4.5% of the total stablecoin market.
