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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Trump's crypto advisor: There will be trillions of dollars in demand overnight
David Sacks, the cryptocurrency advisor to the White House, stated that if the "GENIUS Act" stablecoin bill is passed, it could create trillions of dollars in new demand for the U.S. Treasury.
The GENIUS Act will require stablecoins to be fully backed by U.S. Treasury bonds or equivalent dollar assets. Additionally, anti-money laundering rules will impose extra scrutiny on stablecoin companies operating abroad and will introduce registration and independent audit requirements for companies issuing stablecoins with a market value exceeding $50 billion; currently, this applies only to Tether and Circle.
Sacks stated that the current market value of stable coins is over 200 billion dollars, but this area has not yet been regulated. He expressed that if legal clarity is achieved, there could be an overnight demand for trillions of dollars in treasury bonds.
As a result of the discussions held in the Senate on Monday, the bill moved to the next stage of the legislative process with a vote of 66 to 32. It is noteworthy that some Democratic senators who opposed the bill last week voted in favor of it this week.
Bitwise CIO Matt Hougan also suggested that this development could signal the beginning of a long-term bull run in the cryptocurrency market and that the stablecoin sector could reach 2 trillion 500 billion dollars in a short time.
Published: May 23, 2025 14:35