David Sacks says it could unlock huge demand for U.S. treasuries.
Transcript:
David Sacks, the crypto czar appointed by President Trump, says he expects the stablecoin legislation sitting in the Senate to pass with “significant bipartisan support.” Dubbed the GENIUS Act, Sacks also believes the new regulations could open up huge demand for U.S. Treasuries.
Speaking with CNBC, Sacks said, “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.”
However, Democrats previously rejected the GENIUS Act because of concerns over Donald Trump’s own crypto projects. Those include Trump branded meme and stablecoins from his family’s businesses.
On the other end of the cryptocurrency spectrum — Bitcoin continues to rally, hitting a new high of more than $111,000 on May 22.
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