Yesterday White House crypto and AI czar, David Sacks, held a press conference to announce that Agriculture and Finance/Banking Committees of both the Senate and House would be working together on digital asset legislation. The Chairs of all four committees joined him. For some time, many have noted that the demand for Treasuries created by stablecoins could potentially aid government funding. That point was not lost on Mr Sacks.
“Stablecoins have the potential to ensure American dollar dominance internationally to increase the usage of the US dollar digitally as the world’s reserve currency, and in the process create potentially trillions of dollars of demand for US Treasuries, which could lower long-term interest rates,” said Mr Sacks.
Earlier in the day Senator Hagerty introduced the GENIUS stablecoin Bill. During the press conference, Senator Tim Scott, who chairs the Senate’s Banking Committee, said he hoped the GENIUS Bill and a digital assets Bill would be ready for President Trump’s signature within 100 days.
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