Bo Hines, executive director of the President's Council of Advisers on Digital Assets, said stablecoin regulation in the US could reach President Donald Trump's desk in "as little as two months".
Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, said on Monday that U.S. stablecoin regulation could reach President Donald Trump’s desk in “as little as two months.”
Speaking at the Digital Asset Summit in New York, Hines noted that stablecoin legislation is “imminent” following the Senate Banking Committee’s recent approval of the GENIUS Act —Guiding and Establishing National Innovation for U.S. Stablecoins.
However, he feels the market isn’t yet fully aware of the potential benefits of the legislation for the U.S. economy and the dominance of the dollar. He added that the bill’s impact on financial markets will be transformative.
The Senate Banking Committee passed the GENIUS Act on March 13 by an 18-6 vote, highlighting the bipartisan support for the bill. It essentially sets the collateralisation guidelines for stablecoin issuers and mandates full compliance with Anti-Money Laundering laws (and some hefty fines and penalties for those who don’t follow the rules).
“We’re able to come together and work on issues that are important to the American people,” said Hines, highlighting the bipartisan support for the bill. He added that there aren’t many issues in which both parties can cooperate.
When asked about the timeframe for the legislation, Hines replied: “My hope is, in as little as two months, we could see legislation on President Trump’s desk.”
Hines also praised the work done by the Presidential Working Group on Digital Assets, an initiative launched by President Trump via executive order on January 23. Besides trying to clear up the regulatory landscape, it also seeks to erase a series of measures limiting the integration of crypto platforms with traditional financial systems.
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