David Sacks, the White House crypto and AI czar, has expressed confidence that the GENIUS stablecoin bill will pass with bipartisan support.
Speaking in an interview at CNBC’s Closing Bell yesterday, Sacks emphasized that the stablecoin legislation, currently under deliberation in the Senate, will soon become a law. He noted that the significant bipartisan support for the bill has fueled the expectation that it will pass.
GENIUS Act Approval Almost Certain: Crypto Czar
The Guiding and Establishing National Innovation for US Stablecoin (GENIUS) bill recently advanced in the US Senate after an initial scare. On Monday, 16 Democrats voted in support of the bill, pushing it past the 60-vote threshold required to move the legislation for final passage.
The positive development followed a bipartisan effort, led by Senator Cynthia Lummis and Bill Hagerty, to avoid a repetition of the May 8 pushback. With the bill failing to advance at the first trial amid Democrats’ rebellion, these senators spearheaded the legislation amendment to address some of the concerns raised.
Meanwhile, Monday’s voting outcome has fueled Sacks’ expectations that the stablecoin legal framework legislation will receive bipartisan senatorial approval. He told CNBC that the 66-32 polling results averted a possible filibuster and demonstrated an agreement by both Democrats and Republicans on the passing of the GENIUS Act.
Stablecoins to Boost US Treasury Demand
Furthermore, Sacks stated that another reason behind his confidence that the bill will pass is the possible impact of stablecoin adoption on the US economy. The crypto czar stressed that the real-world asset-pegged cryptocurrency offers America a modern, faster, and cost-effective payment rail.
Moreover, the stablecoin legislation would also extend the US dollar’s dominance globally. Earlier descriptions from Sacks suggest that the dominance of dollar-pegged stablecoins would fuel the demand and utility of the leading fiat currency, extending dependence on the US dollar online.
The White House crypto czar further highlighted that a regulated stablecoin market in the US would attract trillions of dollars to the US Treasury “overnight.” He disclosed that America already has $200 billion in stablecoin but lacks the needed regulation to advance its course in the sector.
If the bill passes, Sacks stressed that access to the US Treasury bills would increase comprehensively. As such, the stablecoin bill extends beyond creating legal clarity; the current White House administration sees it as an economic strategy.
Meanwhile, the stablecoin market is expanding rapidly as demand continues to grow. Tether’s USDT recently reached a valuation of $152 billion after its latest minting on the Tron network, bringing the sector’s market cap closer to $250 billion.
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