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, emphasizing the urgency to maintain the US dollar's dominance in digital transactions. At the Digital Asset Summit in New York on March 18, Hines highlighted that the Senate Banking Committee recently approved the GENIUS Act, which sets guidelines for stablecoin collateralization and compliance with Anti-Money Laundering laws. He indicated that the stablecoin bill could be on the president's desk within the next two months. Hines noted that the impacts of this legislation could significantly benefit the US economy and the financial markets, especially given that the US dollar constitutes a majority of the stablecoin market. As financial authorities push to establish a robust stablecoin framework, there is a recognized need to solidify the dollar's status as the global reserve currency.

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