US Treasury Department will use stablecoins to maintain the dollar's dominance, says Bo Hines

Bo Hines, the executive director of the President's Council of Advisers on Digital Assets, said comprehensive stablecoin legislation is expected to be finalized in the coming months

The U.S. Congress is expected to finalize comprehensive stablecoin legislation in the coming months, the executive director of the President’s Council of Advisers on Digital Assets said on Monday.

Speaking at the Digital Asset Summit in New York, Bo Hines, the executive director of the council, said the legislation will be finalized “very soon.”

“We saw that vote come out of the Senate Banking Committee in extremely bipartisan fashion, especially on the GENIUS Act, which is the stablecoin legislation, and that was fantastic to see,” said Hines, who was speaking on a panel discussion.

When asked about when the legislation will be passed, Hines said, “I think that stables could be on the president’s desk here in the next two months.”

Right now, the market seems to be underestimating what this bill “could do for the U.S. economy in terms of U.S. dollar dominance, in terms of payment rails, in terms of altering the course of financial markets,” he added.

The G.E.N.I.U.S. Act, which stands for Guiding and Establishing National Innovation for U.S. Stablecoins, would set up a framework for stablecoins used in the U.S.

The legislation, which was introduced in February, would require stablecoin issuers to post collateral and maintain a minimum capital adequacy ratio. It would also require full compliance with anti-money laundering laws.

The Trump administration has been keen to introduce legislation for stablecoins this year.

Last week, the Senate Banking Committee approved the G.E.N.I.U.S. Act and the bipartisan Paycheck Protection Program Small Business Act of 2020.

The vote on the G.E.N.I.U.S. Act came after months of deliberation and several amendments to the bill.

The legislation will now go to the full Senate for consideration.

The Trump administration has also been focused on using stablecoins to maintain the dollar’s status as the global reserve currency.

“We are going to put a lot of thought into the stablecoin regime, and as President Trump has directed, we are going to keep the U.S. [dollar] the dominant reserve currency in the world, and we will use stablecoins to do that,” Treasury Secretary Scott Bessent said at the White House Crypto Summit earlier this month.

At the same event, President Trump said he wants the U.S. to be a leader in the blockchain space.

“We can be a leader in the blockchain revolution, and we will be. Together, we will build a brighter future for the American people,” Trump said.

The administration’s focus on stablecoins and blockchain technology comes as China is also making moves to introduce its own digital currency.

The Chinese central bank has been developing a digital yuan, which is expected to be launched later this year.

The digital yuan will be used in parallel with the existing yuan and will be open to both domestic and foreign users.

The Chinese government has said that the digital yuan will be used to improve cross-border payments and reduce the reliance on the U.S. dollar.

The development of the digital yuan is part of China’s broader efforts to become a global technological leader.

In recent years, China has made significant progress in areas such as artificial intelligence, 5G technology, and e-commerce.

The country is now aiming to become a leader in the emerging field of blockchain technology.

The Chinese government has set up a task force to oversee the development of the digital yuan and is working with commercial banks to integrate the currency into existing payment systems.

The digital yuan is expected to be launched in several phases, beginning with limited trials in major cities such as Beijing, Shanghai, and Shenzhen.

The currency will then be rolled out more broadly in the second half of the year.

The Chinese government has said that it will use the digital yuan to improve cross-border payments, reduce the reliance on the U.S. dollar, and promote financial inclusion.

The digital yuan is also expected to be used for government services and social welfare programs.

The introduction of the digital yuan is a significant development that could have a major impact on the global financial system.

It could lead to increased competition between the U.S. and China in the technological and economic domains.

The digital yuan could also pose a threat to the U.S. dollar’s dominance as the global reserve currency.

The Trump administration is aware of the urgency to finalize stablecoin legislation and integrate stablecoins into the U.S. financial system.

The administration is also cognizant of the need to maintain the dollar’s dominance in onchain activity.

The administration’s efforts to introduce stablecoin legislation and integrate stablecoins into the U.S. financial system are part of a broader agenda to promote innovation and economic growth.

The administration is also focused on countering threats to the U.S. dollar’s