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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure The White House’s AI and Crypto Czar, David Sacks, has said that the Trump administration is optimistic about the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act moving through the Senate after it regained momentum and bipartisan support. Stablecoin Regulation To Unlock Trillions Of Dollars On Wednesday, Trump’s Crypto Czar told CNBC that they were positive about the GENIUS Act advancing, affirming that they have “every expectation now that it’s going to pass” as the stablecoin legislation passed the Monday cloture motion with “significant bipartisan support.” The GENIUS Act faced a second cloture motion at the start of the week after an unsuccessful procedural vote two weeks ago, receiving only 49 out of the 60 votes required to advance to an open floor debate. As reported by Bitcoinist, the bill, sponsored by Republican Senator Bill Hagerty, failed to pass the cloture motion following Democratic concerns, which led to several lawmakers, including two Republican senators, withdrawing their support ahead of the vote. However, the legislation regained momentum last week, with bipartisan efforts attempting to revive the bill before the Memorial Day recess. The Monday procedure saw 15 Democratic senators vote to pass the amended bill with a total of 66 favorable votes. In the interview, Sacks affirmed that “Stablecoins offer a new, more efficient, cheaper, smoother payment system — new payment rails for the U.S. economy,” which increased the bill’s chances of passing the next legislative stages. “It also extends the dominance of the dollar online,” he added. He noted that the sector already has over $200 billion in stablecoins despite being unregulated, which could suggest that clear regulations could significantly increase the market. “If we provide the legal clarity and legal framework for this, I…

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Filed under: News - @ May 23, 2025 10:28 am