Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, has signaled that comprehensive stablecoin legislation is imminent, with finalization expected in the coming months.
Speaking at the Digital Asset Summit in New York on March 18, Hines emphasized the urgency of maintaining the US dollar’s dominance in on-chain financial activity.
His remarks come after the Senate Banking Committee approved the GENIUS Act last week.
The legislation, formally known as the Guiding and Establishing National Innovation for US Stablecoins Act, aims to establish regulatory frameworks for stablecoin issuers, including collateralization requirements and compliance with anti-money laundering laws.
“We saw that vote come out of the Senate Banking Committee in an extremely bipartisan fashion, […] which was fantastic to see,” Hines said.
He stressed that bipartisan support underscores the national interest in preserving US leadership in the digital asset space.
“I think our colleagues on the other side of the aisle also recognize the importance of US dominance in this space, and they’re willing to work with us here, and that’s what’s exciting about this,” he said.
“You know, there’s not many issues in Washington, DC, in which folks can come together from both sides of the aisle and propel the United States forward in a way that’s comprehensive,” he added.
When asked about when stablecoin legislation will be passed, Hines said, “I think that stables could be on the president’s desk here in the next two months.”
Right now, the market seems to be underestimating what this bill “could do for the US economy in terms of US dollar dominance, in terms of payment rails, in terms of altering the course of financial markets,” said Hines.
Reinforcing the dollar’s dominance
The US dollar continues to be the primary currency backing stablecoins, with digital dollars accounting for most of the $230 billion stablecoin market.
These assets play a crucial role in cryptocurrency trading, remittances, and digital payments, further entrenching the dollar’s global influence.
While some experts foresee a shift toward multicurrency stablecoins, the dominance of dollar-backed assets remains unchallenged.
White House emphasizes the strategic role of stablecoins
US Treasury Secretary Scott Bessent has reaffirmed the Trump administration’s commitment to leveraging stablecoins as a tool for maintaining the dollar’s status as the world’s reserve currency.
Speaking at the White House Crypto Summit on March 7, Bessent highlighted the administration’s focus on a well-regulated stablecoin regime.
“We are going to put a lot of thought into the stablecoin regime, and as President Trump has directed, we are going to keep the US [dollar] the dominant reserve currency in the world, and we will use stablecoins to do that,” Bessent said.
With stablecoins becoming increasingly embedded in global finance, regulatory clarity could bolster the US financial system’s competitiveness while reinforcing the dollar’s dominance in digital asset markets.
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