Donald Trump's Chief Advisor on Cryptocurrency and Artificial Intelligence, David Sacks, stated that the government expects the stablecoin bill to pass with bipartisan support in the Senate.
Sacks said in a CNBC interview on May 21, "We have every reason to believe it will pass." Previously, a key procedural vote showed that 15 Democrats joined Republicans, breaking the filibuster threshold.
The "Guidance and Establishment of a National Innovation Act for U.S. Stablecoins" (GENIUS Act) is the most advanced effort to establish a legal framework for dollar-pegged digital assets at the federal level.
Sacks indicated that the bill could unleash the growth of stablecoins by providing clear rules, potentially triggering "trillions of dollars" in demand for U.S. Treasury bonds.
He added, "We already have over $200 billion in stablecoins—just currently unregulated. If we provide legal clarity, we could create huge demand for Treasury bonds almost overnight."
Despite controversies surrounding the Trump family's cryptocurrency trading, the stablecoin bill is still moving forward. Critics are concerned that the government may profit from the bill due to its connection with World Liberty Financial, a cryptocurrency company supported by members of the Trump family. The company recently launched its stablecoin, USD1.
The token is backed by U.S. Treasury bonds and dollar deposits and has secured a $2 billion investment commitment from the Abu Dhabi MGX Fund through Binance.
Before joining the White House, Sacks disclosed the sale of $200 million worth of cryptocurrency-related assets, and he declined to comment on whether the president or his family might gain financial benefits from the bill's passage.
Although the bill is gaining momentum, its final passage is not guaranteed. Senator Josh Hawley added a controversial provision to the bill that limits credit card late fees, which could lead to a loss of support from financial industry allies.
In a May 21 post titled "The Empire Strikes Back," NYU professor Austin Campbell stated that the U.S. banking industry is in a "panic" over the rise of yield-bearing stablecoins, as this threatens their profit model.
Campbell criticized banking lobbyists for pressuring lawmakers to defend their interests and block competition from stablecoins that pay interest.
He believes that banks profit from a fractional reserve system while providing low returns to depositors, and stablecoins could expose and disrupt this system.
According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) approved the first yield-bearing stablecoin security launched by Figure Markets in February 2025.
According to a report by Pendle on May 21, the circulation of yield-bearing stablecoins has surged to $11 billion since January 2024, accounting for 4.5% of the total stablecoin market.
Related: Federal Government Accuses Amalgam Founder of Stealing $1 Million Through "Fake" Blockchain
Original article: “Trump's Crypto 'Czar' David Sacks Says Stablecoin Bill 'Will Pass'”
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