Trump’s crypto Czar David Sacks says the Stablecoin Bill is ‘going’

David Sacks, the leading US president Donald Trump in crypto and artificial intelligence, the administration said the Stablecoin Bill expects to clear the Senate on Bipartisan’s backing.

“We have every expectation now that it will go,” sako said CNBC on May 21, following a key Method vote that saw 15 democrats joined Republicans to clear the filibuster threshold.

The Guide and Establishment of National Innovation for US Stablecoins (Genius) The ACT is the most advanced federal effort yet to establish a legal framework for dollar digital assets.

Sacks said the bill could be alerted by the “dollar trillion” required for the US Treasurys by unlocking the growth of stablecoin under clear policies.

“We already have over $ 200 billion in stablecoins – it’s not just regular,” he added. “If we provide legal clarity, we have created massive demand for treasurys that are almost overnight.”

Related: The Genius Act is ‘Legitimo’ stablecoins for global adoption of institutional

Stablecoin Bill is moving forward despite Trump’s controversy

Stablecoin Bill’s development came across Controversy surrounding the Trump family deal with crypto. Critics have raised concerns that the benefit of the administration from the law, provided in its relationship World Liberty FinancialA crypto company supported by Trump family members who recently launched a Stablecoin, USD1.

The token is supported by the US Treasurys and dollars deposit and have received a $ 2 billion investment commitment From the MGX fund of Abu Dhabi by Binance.

Sako, who Announced the sale of $ 200 million In crypto -related handles before joining the White House, refusing to comment if the President or his family could get finances from the bill.

Despite the momentum, the final passage is not guaranteed. Senator Josh Hawley has added A controversial provision in the bill that will be able to CREDIT CARD Late fee, a step that can cost the support of the law from allies in the financial industry.

Related: Hong Kong passes the Stablecoin Bill, which is set to open licensing by the end of the year

The banks that panick over yield-bearing stablecoins

In a post on May 21 titled “The Empire Lobbies Back,” New York University professor Austin Campbell said the US The banking industry is “panicking” in increasing of yield-bearing stablecoins, which threatens their revenue model.

Campbell criticized the banking lobby for pressing lawmakers to defend their interests and hinder competition from Stablecoins who pay interest.

He argued that banks rely on fractional reserve skills to earn while offering low return to depositors, and fear of stablecoins could expose and disrupt that system.