Executive Director of the U.S. Presidential Digital Asset Working Group: Stablecoin legislation may be delivered to Trump within two months

ChainCatcher news, according to Cryptoslate, Bo Hines, the executive director of the U.S. President's Working Group on Digital Assets, stated that the U.S. stablecoin regulatory bill could be submitted to President Donald Trump within two months. In a speech at the Blockworks Digital Assets Summit, Hines mentioned that the market has not fully understood how stablecoin legislation could benefit the U.S. economy and the dollar's dominance. Furthermore, he believes that regulating stablecoins could change the historical trajectory of financial markets.

On March 13, the Senate Banking Committee passed the stablecoin regulatory bill, the "GENIUS Act," with a vote of 18 in favor and 6 against. The bill has garnered bipartisan support and now paves the way for a full Senate vote. The bill proposes guidelines for the issuance and regulation of U.S. stablecoins, such as requiring these tokens to be backed 1:1 by U.S. dollars, insured bank deposits, or short-term Treasury bills.