- Key Points
- President Trump’s crypto czar, David Sacks, said stablecoin legislation will boost the demand for the Treasury.
- The GENIUS Act cleared a key procedural vote in the Senate, with 15 Democrats joining Republicans to break the filibuster threshold.
- However, ethical concerns are mounting due to the president’s personal and family ventures in crypto.
U.S. President Donald Trump sits next to Crypto czar David Sacks at the White House Crypto Summit at the White House in Washington, D.C., U.S., March 7, 2025.
President Donald Trump’s pinnacle crypto and AI advisor, David Sacks, stated Wednesday that the administration expects the stablecoin regulation shifting through the Senate to pass with “substantial bipartisan support,” and claimed it can release a call for U.S. Treasuries.
“We already have over $two hundred billion in stablecoins — it’s just unregulated,” Sacks instructed Expressepaper “Closing Bell Overtime.” “If we offer the prison clarity and felony framework for this, I suppose we may want to create trillions of greenbacks of call for our Treasuries nearly overnight, right away.”
The GENIUS Act — an invoice to regulate stablecoins — cleared a key procedural vote within the Senate. With 15 Democrats balloting for the bill to pass the cloture threshold this week, the proponents have the votes essential to keep away from a filibuster.
“We have each expectation now that it’s going to bypass,” added Sacks, although he didn’t answer a question approximately worries from Democrats that there aren’t enough safeguards in place to keep the president and his circle of relatives from benefiting from regulation.
Democrats formerly rejected the GENIUS Act in part on the challenge that President Trump’s private cryptocurrency ventures, together with his own meme coin and a stablecoin from his own family’s crypto business, created an extraordinary conflict of interest.
Unlike virtual belongings consisting of bitcoin, which can fluctuate wildly, stablecoins are a subset of cryptocurrencies whose value is tied to that of an actual international asset, just like the U.S. Dollar. Bitcoin hit a new high on Wednesday, nearing $110,000.
Tether, which is backed by Cantor Fitzgerald within the U.S., controls more than 60% of the stablecoin market. Deutsche Bank determined that stablecoin transactions hit $28 trillion closing year, surpassing that of Mastercard and Visa combined.
Sacks, who has emerged as an effective coverage voice internal Trump’s inner circle, framed the GENIUS Act not just as a crypto breakthrough however as a national economic method.
“Stablecoins provide a brand new, greener, less expensive, smoother charge gadget — new charge rails for the U.S. Economy,” he said. “It also extends the dominance of the greenback online.”
The White House has aggressively sponsored the attempt, while worries mount over the president’s potential conflicts.
While Sacks sold $two hundred million in crypto-associated holdings before taking his White House position, consistent with a disclosure filing, Trump and his family had been leaning into constructing a crypto empire.
The Trumps are economic backers of World Liberty Financial, which just released its stablecoin — USD1 — subsidized by Treasuries and greenback deposits.
Abu Dhabi’s MGX funding fund recently pledged $2 billion in USD1 to Binance, the arena’s biggest digital assets trade. It’s the corporation’s largest-ever investment made in crypto.
Still, the path to passage isn’t absolutely clean. Senator Josh Haw