EddieJayonCrypto
18 Mar 25
The regulation of stablecoins in the US could reach President Donald Trump's desk within two months, according to Bo Hines, Executive Director of the Presidential Working Group on Digital Assets Markets. The Senate Banking Committee has already passed the stablecoin regulation bill GENIUS Act with b...
The regulation of stablecoins in the US is making significant progress and could soon reach President Donald Trump's desk. Bo Hines, the Executive Director of the Presidential Working Group on Digital Assets Markets, stated that the regulation could be on Trump's desk within two months.
The Senate Banking Committee has already passed the stablecoin regulation bill GENIUS Act with bipartisan support. This bill proposes guidelines for stablecoin issuance and oversight, including a 1:1 backing for tokens maintained in US dollars, insured bank deposits, or short-term Treasury bills. Hines emphasized the potential long-term impact of regulating stablecoins on financial markets, believing that it could alter the course of history.
The Presidential Working Group on Digital Assets has been making significant progress in creating a regulatory framework that supports innovation in crypto and aims to remove barriers to institutional adoption. Hines highlighted the group's achievements in meeting various landmarks and ensuring coordination among regulators to promote innovation and clarity in crypto regulation.