President Trump’s administration is confident that the US Senate will back the stablecoin bill, officially known as the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins). David Sacks, a senior advisor to the President on crypto and AI, told CNBC that the bill was on track to pass.
The GENIUS Act is the first major federal effort to provide clarity on stablecoins, one of the most popular digital currencies. This lack of clarity has stifled the growth of crypto within the U.S. market. However, the GENIUS Act can change that.
“We already have over $200 billion in stablecoins,” Sacks told CNBC. “It’s just unregulated. If 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.”
Sacks emphasized that this isn’t just a win for crypto enthusiasts. He framed it as a national interest move, saying stablecoins could offer more efficient and cheaper payment systems while extending the dollar’s online dominance.
Momentum Builds, But Final Passage Still Unclear
The GENIUS Act gained momentum after clearing a major procedural vote in the Senate, securing support from 15 Democrats, which is enough to prevent a filibuster. However, approval is still not guaranteed.
One major complication is President Trump’s involvement in crypto. Democrats initially pushed against the bill, citing a possible clash of interest, especially after Trump launched a memecoin earlier this year.
Additionally, the Trump family has ties with World Liberty Financial, a crypto-focused firm that recently launched its stablecoin, USD1. Notably, the token has already secured a $2 billion investment from Abu Dhabi’s MGX fund through Binance.
Further uncertainty came when Senator Josh Hawley added a controversial provision to cap credit card late fees. This move could alienate financial industry supporters and threaten the bill’s final passage.
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