interview<\/a> with CNBC on Wednesday, Sacks said there are already over $200 billion in stablecoins, though currently unregulated, adding that providing legal clarity and a proper framework could create \u201ctrillions of dollars of demand for our Treasuries practically overnight, very quickly.\u201d<\/p>\nThe bill, officially known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, cleared a key Senate hurdle this week when 66 senators voted to advance it, including 15 Democrats, giving the legislation enough support to avoid a filibuster.<\/p>\n
Sacks said the administration now has every expectation that the bill is going to pass, though he didn\u2019t respond to a question about potential conflicts of interest involving Trump and his family\u2019s crypto businesses.<\/p>\n
<\/p>\n
Critics have pointed to Trump\u2019s financial ties to the crypto sector as the Trump family is backing World Liberty Financial, which recently launched a stablecoin called USD1. It\u2019s backed by U.S. Treasuries and dollar deposits. Abu Dhabi\u2019s MGX fund invested $2 billion in USD1 in Binance, a cryptocurrency exchange that admitted to violating U.S. anti-money laundering laws in a $4.3 billion plea agreement.<\/p>\n
The GENIUS Act would create a federal framework for stablecoin issuers and bring dollar-backed digital currencies under U.S. oversight. Sacks framed it as an economic opportunity, saying that stablecoins offer a \u201cnew, more efficient, cheaper, smoother payment system \u2014 new payment rails for the U.S. economy.\u201d<\/p>\n
Still, the bill\u2019s final passage could be delayed. A last-minute amendment from Sen. Josh Hawley that caps credit card late fees could create friction with banking groups.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The White House\u2019s push for stablecoin regulation could trigger trillions of dollars in Treasury demand \u201cpractically overnight,\u201d Trump advisor David Sacks says. David Sacks, President Donald Trump\u2019s top advisor on…<\/p>\n","protected":false},"author":1,"featured_media":482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=481"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/481\/revisions"}],"predecessor-version":[{"id":483,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/481\/revisions\/483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/482"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}