Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, announced that comprehensive stablecoin legislation is expected to be finalized soon, following bipartisan approval of the GENIUS Act by the Senate Banking Committee. This act establishes guidelines for stablecoin collateralization and mandates compliance with Anti-Money Laundering laws. Hines expressed optimism, suggesting that the stablecoin bill could reach the president's desk within the next two months. He emphasized the potential impact of this legislation on the US economy, particularly regarding dollar dominance in cryptocurrency transactions. Although the US dollar currently constitutes the majority of the $230 billion stablecoin market, Hines acknowledged that digital currencies might evolve, yet the dollar remains the preferred option presently. Treasury Secretary Scott Bessent indicated that the Trump administration is strategically prioritizing the stablecoin framework to enhance the US dollar’s status as the global reserve currency.

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