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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, underscoring the government’s urgency to maintain the US dollar’s dominance in onchain activity.
Speaking at the Digital Asset Summit in New York on March 18, Hines said stablecoin legislation is “imminent” following the Senate Banking Committee’s approval of the GENIUS Act last week.
The GENIUS Act, which is an acronym for Guiding and Establishing National Innovation for US Stablecoins, establishes collateralization guidelines for stablecoin issuers and requires full compliance with Anti-Money Laundering laws.
“We saw that vote come out of the Senate Banking Committee in extremely bipartisan fashion, [...] which was fantastic to see,” said Hines, adding:
Bo Hines (right) speaking at the Digital Asset Summit on March 18. Source: Cointelegraph
When asked about when stablecoin 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 US economy in terms of US dollar dominance, in terms of payment rails, in terms of altering the course of financial markets,” said Hines.
Related: Banks push to block stablecoin legislation over market share fears
Extending the dollar’s hegemony
The US dollar accounts for the vast majority of the $230 billion worth of stablecoins in circulation, suggesting that the greenback remains the currency of choice for funding cryptocurrency accounts and sending remittances overseas.
Some industry experts believe this will change in the future as stablecoins become multicurrency, but so far, digital dollars remain the overwhelming favorite.
US Treasury Secretary Scott Bessent said the Trump administration will use stablecoins to maintain the dollar’s status as the global reserve currency, which partly explains the sense of urgency to push legislation over the finish line.
“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 US [dollar] the dominant reserve currency in the world, and we will use stablecoins to do that,” Bessent told the White House Crypto Summit on March 7.
Treasury Secretary Scott Bessent pictured alongside President Donald Trump at the White House Crypto Summit on March 7. Source: The Associated Press
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
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