{"id":125334,"date":"2025-03-18T19:19:30","date_gmt":"2025-03-18T19:19:30","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125334"},"modified":"2025-03-18T19:19:30","modified_gmt":"2025-03-18T19:19:30","slug":"us-stablecoin-bill-likely-in-next-2-months-trumps-crypto-council-head","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125334","title":{"rendered":"US stablecoin bill likely in \u2018next 2 months\u2019 \u2014 Trump\u2019s crypto council head"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsBo Hines, the executive director of the President\u2019s Council of Advisers on Digital Assets, said comprehensive stablecoin legislation is expected to be finalized in the coming months, underscoring the government\u2019s urgency to maintain the US dollar\u2019s dominance in onchain activity.\u00a0<br \/>\nSpeaking at the Digital Asset Summit in New York on March 18, Hines said stablecoin legislation is \u201cimminent\u201d following the Senate Banking Committee\u2019s approval of the GENIUS Act last week.\u00a0<br \/>\nThe GENIUS Act, which is an acronym for Guiding and Establishing National Innovation for US Stablecoins, establishes collateralization guidelines for stablecoin issuers and requires full compliance with Anti-Money Laundering laws.\u00a0<br \/>\n\u201cWe saw that vote come out of the Senate Banking Committee in extremely bipartisan fashion, [&#8230;] which was fantastic to see,\u201d said Hines, adding:<br \/>\n\u201cI think our colleagues on the other side of the aisle also recognize the importance for US dominance in this space, and they\u2019re willing to work with us here, and that\u2019s what\u2019s really exciting about this. You know, there\u2019s not many issues in Washington, DC, in which folks can come together from both sides of the aisle and really propel the United States forward in a way that\u2019s comprehensive.\u201d<br \/>\nBo Hines (right) speaking at the Digital Asset Summit on March 18. Source: CointelegraphWhen asked about when stablecoin legislation will be passed, Hines said, \u201cI think that stables could be on the president\u2019s desk here in the next two months.\u201d<br \/>\nRight now, the market seems to be underestimating what this bill \u201ccould do for the US economy in terms of US dollar dominance, in terms of payment rails, in terms of altering the course of financial markets,\u201d said Hines.<br \/>\nRelated: Banks push to block stablecoin legislation over market share fears<br \/>\nExtending the dollar\u2019s hegemony<br \/>\nThe US dollar accounts for the vast majority of the $230 billion worth of stablecoins in circulation, suggesting that the greenback remains the currency of choice for funding cryptocurrency accounts and sending remittances overseas.\u00a0<br \/>\nSome industry experts believe this will change in the future as stablecoins become multicurrency, but so far, digital dollars remain the overwhelming favorite.<br \/>\nDollar-denominated stablecoins dominate the market. Source: DefiLlamaUS Treasury Secretary Scott Bessent said the Trump administration will use stablecoins to maintain the dollar\u2019s status as the global reserve currency, which partly explains the sense of urgency to push legislation over the finish line.<br \/>\n\u201cWe are going to put a lot of thought into the stablecoin regime, and as President Trump has directed, we are going to keep the US [dollar] the dominant reserve currency in the world, and we will use stablecoins to do that,\u201d Bessent told the White House Crypto Summit on March 7.<br \/>\nTreasury Secretary Scott Bessent pictured alongside President Donald Trump at the White House Crypto Summit on March 7. Source: The Associated PressMagazine: Unstablecoins: Depegging, bank runs and other risks loom<a href=\"https:\/\/cointelegraph.com\/news\/us-stablecoin-bill-likely-next-2-months-bo-hines?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsBo Hines, the executive director of the President\u2019s Council of Advisers on Digital Assets, said comprehensive stablecoin legislation is expected to be finalized in the coming months, underscoring&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125334"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125334"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125334\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125334"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}