{"id":28249,"date":"2025-05-23T09:16:35","date_gmt":"2025-05-23T09:16:35","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=28249"},"modified":"2025-05-23T09:16:35","modified_gmt":"2025-05-23T09:16:35","slug":"trumps-crypto-czar-optimistic-about-stablecoin-bill-says-genius-act-going-to-pass","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=28249","title":{"rendered":"Trump\u2019s Crypto Czar Optimistic About Stablecoin Bill, Says GENIUS Act \u2018Going To Pass\u2019"},"content":{"rendered":"
\n

The White House\u2019s AI and Crypto Czar, David Sacks, has said that the Trump administration is optimistic about the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act moving through the Senate after it regained momentum and bipartisan support.<\/p>\n

Stablecoin Regulation To Unlock Trillions Of Dollars<\/h2>\n

On Wednesday, Trump\u2019s Crypto Czar told<\/a> CNBC that they were positive about the GENIUS Act advancing, affirming that they have \u201cevery expectation now that it\u2019s going to pass\u201d as the stablecoin legislation passed the Monday cloture motion with \u201csignificant bipartisan support.\u201d<\/p>\n

The GENIUS Act faced a second cloture motion at the start of the week after an unsuccessful procedural vote two weeks ago, receiving only 49 out of the 60 votes required to advance to an open floor debate.<\/p>\n

As reported<\/a> by Bitcoinist, the bill, sponsored by Republican Senator Bill Hagerty, failed to pass the cloture motion following Democratic concerns, which led to several lawmakers, including two Republican senators, withdrawing their support ahead of the vote.<\/p>\n

However, the legislation regained momentum last week, with bipartisan efforts<\/a> attempting to revive the bill before the Memorial Day recess. The Monday procedure saw 15 Democratic senators vote to pass the amended bill with a total of 66 favorable votes.<\/p>\n

In the interview, Sacks affirmed that \u201cStablecoins offer a new, more efficient, cheaper, smoother payment system \u2014 new payment rails for the U.S. economy,\u201d which increased the bill\u2019s chances of passing the next legislative stages. \u201cIt also extends the dominance of the dollar online,\u201d he added.<\/p>\n

He noted that the sector already has over $200 billion in stablecoins despite being unregulated, which could suggest that clear regulations could significantly increase the market.<\/p>\n

\u201cIf we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our Treasuries practically overnight, very quickly,\u201d Sacks affirmed.<\/p>\n

GENIUS Act Prepares For Amendment Process<\/h2>\n

On Wednesday, Senators also voted<\/a> on the motion to proceed to formal debate on the GENIUS Act, passing with a 69-31 vote. Now, the bill advances to the amendment process to address key concerns from both parties.<\/p>\n

It\u2019s worth noting that the bill underwent various amendments to tackle Democratic senators\u2019 concerns, including stricter requirements for stablecoin issuers and Anti-Money Laundering (AML) provisions before the first cloture vote.<\/p>\n

However, ten senators, including four Democrats who previously supported the bill, criticized the first revised version of the legislation, suggesting the draft omitted essential AML and national security safeguards and had ambiguous regulations that could expose crypto markets to exploitation.<\/p>\n

Similarly, Senator Elizabeth Warren raised concerns about the president\u2019s crypto ventures and urged Congress to reject the stablecoin bill, claiming it could pave the way for alleged \u201ccrypto corruption.\u201d<\/p>\n

Despite going through more amendments<\/a> last week, Democrats released an analysis about the legislation\u2019s new version, alleging that \u201cmany of the new changes are fig leaves for significant flaws that jeopardize consumer protection and national security\u201d and that the \u201ccurrent draft paves the way for more Trump crypto corruption.\u201d<\/p>\n

The White House Crypto Czar didn\u2019t answer CNBC\u2019s questions related to the concern from Senate Democrats regarding<\/a> the bill\u2019s safeguards to prevent the presidential family from profiting from the stablecoin legislation. However, the lawmakers are expected to continue working on crypto ethics provisions and AML language changes during this process.<\/p>\n

As CNBC noted, Republican Senator Roger Marshall filed to add a \u201cpoison pill\u201d amendment that would set price controls on credit card interchange fees and mandate that banks support multiple network options for processing transactions.<\/p>\n

Nonetheless, the potential amendment has faced backlash as Senator Thom Tillis has warned<\/a> that he would withdraw his support for the GENIUS Act if the Credit Card Competition Act (CCCA) is attached to the stablecoin legislation.<\/p>\n

\"Stablecoin,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The White House\u2019s AI and Crypto Czar, David Sacks, has said that the Trump administration is optimistic about the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act moving through the Senate after it regained momentum and bipartisan support. Stablecoin Regulation To Unlock Trillions Of Dollars On Wednesday, Trump\u2019s Crypto Czar told CNBC that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-28249","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/28249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28249"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/28249\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}