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Encryption czar David Sacks: The stablecoin regulation bill GENIUS Act will unleash "trillions of dollars" in demand for U.S. Treasuries.
PANews May 22 news, according to CNBC, U.S. President Trump's encryption advisor David Sacks stated that the stablecoin regulation bill GENIUS Act, if passed, will release "trillions of dollars" in demand for U.S. Treasuries. The bill has already passed the procedural voting threshold in the Senate. Sacks claimed that the bill will provide a legal framework for the $200 billion unregulated stablecoin market and strengthen the dollar's dominant position. Despite the White House's full support, Democrats still question the bill's potential conflicts of interest involving the president and his family.