According to a report from CNBC, David Sacks, the White House’s artificial intelligence and cryptocurrency czar, stated on Wednesday that the government expects the stablecoin legislation currently being promoted in the Senate to pass “with strong bipartisan support,” emphasizing that the bill has the potential to unlock trillions of dollars in new demand for the U.S. Treasury market.
The stablecoin regulatory bill, titled the “Guidance and Establishment of a National Innovation for U.S. Stablecoins Act” (the “GENIUS Act”), has passed a crucial procedural vote in the Senate. This week, 15 Democratic lawmakers voted in favor of the bill, allowing it to advance by overcoming the debate limitation threshold, and supporters have secured enough votes to avoid protracted debate procedures.
Sacks also mentioned that the government now has “high hopes” for the passage of the stablecoin bill. However, he did not directly address concerns raised by Democrats about whether the bill includes sufficient safeguards to prevent the President and his family from profiting from it.
One of the reasons Democrats previously opposed the GENIUS Act was concerns regarding Trump’s personal cryptocurrency investments, including his own meme coin and NFTs, as well as cryptocurrency projects and stablecoins supported by his family, which are seen as unprecedented conflicts of interest.
As a key policy advisor within Trump’s inner circle, Sacks further emphasized that the GENIUS Act is not just a turning point for the cryptocurrency industry, but also a crucial driver for national economic and monetary strategy. He pointed out:
