The US Stablecoin Bill is likely to ‘next 2 months’ – leader of Trump Council Council
Bo Hines, executive director of the president’s council of the Digital Assets, said Stablecoin’s comprehensive law is expected to be confined in the coming months, emphasizing the government’s forcing the US dollar dominance to the onchain activity.
Speaking at the Digital Asset Summit in New York on March 18, Hines said Stablecoin’s law was “closely” following the Senate Banking Committee Approval of the Genius Act Last week.
The Genius Act, which is an acronym for guiding and establishing a national change for US Stablecoins, establishes the rules of collateralization for those who provide stablecoin and require full adherence to anti-money laundering laws.
“We’ve seen the vote coming out of the Senate Banking Committee in super bipartisan fashion, (…) that is incredible to see,” says Hines, adding:
“I think our colleagues on the other side of the hallway also recognized the importance for the dominance of us in this space, and they were willing to work with us, and that was the real
Bo Hines (Right) Speaking at Digital Asset Summit on March 18. Source: Cointelegraph
When asked about when the Stablecoin law would be passed, Hines said, “I think the stables may be at the president’s desk here for the next two months.”
So far, the market seems to be neglecting what this bill can do for the US economy in terms of the US dollar dominance, in terms of payment railroads, in terms of changing the course of financial markets, “Hines said.
Related: Banks are pushing to block Stablecoin law on market sharing fears
Expanding the hegemony of the dollar
The US Dollar provides most of the $ 230 billion worth of stablecoins in circulation, suggesting that the greenback remains money for the choice for funding cryptocurrency accounts and sending remittances overseas.
Some industry experts believe it will change in the future as Stablecoins become multicurrencyBut so far, digital dollars remain a great favorite.
The dollar denomination stablecoins dominates the market. Source: Delete
US secretary of US Treasury Scott Bescent said the Trump administration will use Stablecoins Keep the status of the dollar As a global currency reserve, which slightly explains the feeling of rush to push the law to the end line.
“We will put a lot of thoughts on the Stablecoin regime, and as President Trump taught, we will keep the US (dollar) the dominant currency reserve in the world, and we will use Stablecoins to do that,” Bescent told the White House Crypto Summit on March 7.
Treasury Secretary Scott Bescent pictured next to President Donald Trump at the White House Crypto Summit on March 7. Source: The Associated Press
