{"id":129771,"date":"2025-05-22T09:16:05","date_gmt":"2025-05-22T09:16:05","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129771"},"modified":"2025-05-22T09:16:05","modified_gmt":"2025-05-22T09:16:05","slug":"trumps-crypto-czar-david-sacks-says-stablecoin-bill-is-going-to-pass","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129771","title":{"rendered":"Trump\u2019s crypto czar David Sacks says stablecoin bill is \u2018going to pass\u2019"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsDavid Sacks, US President Donald Trump\u2019s top adviser on crypto and artificial intelligence, said the administration expects the stablecoin bill to clear the Senate with bipartisan backing.<br \/>\n\u201cWe have every expectation now that it\u2019s going to pass,\u201d Sacks told CNBC on May 21, following a key procedural vote that saw 15 Democrats join Republicans to clear the filibuster threshold.<br \/>\nThe Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is the most advanced federal effort yet to establish a legal framework for dollar-pegged digital assets.<br \/>\nSacks said the bill could trigger \u201ctrillions of dollars\u201d in demand for US Treasurys by unlocking stablecoin growth under clear rules.<br \/>\n\u201cWe already have over $200 billion in stablecoins \u2014 it\u2019s just unregulated,\u201d he added. \u201cIf we provide legal clarity, we create enormous demand for Treasurys practically overnight.\u201d<br \/>\nRelated: GENIUS Act \u2018legitimizes\u2019 stablecoins for global institutional adoption<br \/>\nStablecoin bill moves forward despite Trump controversy<br \/>\nThe stablecoin bill\u2019s progress comes despite controversy surrounding the Trump family\u2019s crypto dealings. Critics have raised concerns that the administration benefits from the legislation, given its ties to World Liberty Financial, a crypto firm backed by Trump family members that recently launched a stablecoin, USD1.<br \/>\nThe US Senate voted 66\u201332 to advance debate on the GENIUS stablecoin bill. Source:\u00a0US SenateThe token is backed by US Treasurys and dollar deposits and has received a $2 billion investment commitment from Abu Dhabi\u2019s MGX fund via Binance.<br \/>\nSacks, who disclosed the sale of $200 million in crypto-related holdings before joining the White House, declined to comment on whether the president or his family may financially gain from the bill\u2019s passage.<br \/>\nDespite momentum, final passage is not guaranteed. Senator Josh Hawley has added a controversial provision to the bill that would cap credit card late fees, a move that could cost the legislation support from financial industry allies.<br \/>\nRelated: Hong Kong passes stablecoin bill, set to open licensing by year-end<br \/>\nBanks panicking over yield-bearing stablecoins<br \/>\nIn a May 21 post titled \u201cThe Empire Lobbies Back,\u201d New York University professor Austin Campbell said the US banking industry is \u201cpanicking\u201d over the rise of yield-bearing stablecoins, which threaten their profit model.<br \/>\nAn excerpt of Campbell\u2019s X post. Source:\u00a0Austin CampbellCampbell criticized the banking lobby for pressuring lawmakers to defend their interests and block competition from interest-paying stablecoins.<br \/>\nHe argued that banks rely on fractional reserve practices to profit while offering low returns to depositors, and fear stablecoins may expose and disrupt that system.<br \/>\nAs\u00a0reported by Cointelegraph, the US Securities and Exchange Commission in February approved the first yield-bearing stablecoin security by Figure Markets.<br \/>\nAccording to a May 21 report from Pendle, yield-bearing stablecoins have soared to $11 billion in circulation since January 2024, representing 4.5% of the total stablecoin market.<br \/>\nMagazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/david-sacks-stablecoin-bill-senate-passage?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 NewsDavid Sacks, US President Donald Trump\u2019s top adviser on crypto and artificial intelligence, said the administration expects the stablecoin bill to clear the Senate with bipartisan backing. \u201cWe&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\/129771"}],"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=129771"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129771\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129771"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}