Bo Hines Says Stablecoin Bill to Arrive President’s Desk in Few Months

Following the Senate Banking Committee’s bipartisan approval of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, “GENIUS Act,” Bo Hines has hinted at a possible conclusion of the stablecoin bill in the United States. The executive director of the President’s Council of Advisers on Digital Assets highlighted that the stablecoin legislation could arrive at the president’s desk in a few months. 

Stablecoin Sits at the Top of US Government Priority List 

During the Blockworks Digital Asset Summit, held in New York on March 18, Hines reiterated the imminence of the regulation, especially after the Senate Banking Committee voted to approve the GENIUS Act. 

Bo Hines’ statement suggests the US government is keen on maintaining the dollar’s dominance against all odds. 

He also highlighted the US government’s stance towards stablecoin, noting that it remains a priority in the nation’s regulatory agenda. Truly, Bitcoin’s strategic reserve has garnered positive attention these past few weeks, but this does not relegate the stable assets to the background. 

Momentum is building gradually, so it may not be too long before the stablecoin legislation, first introduced by Sen. Bill Hagerty, gets to Trump’s table.

Senate Banking Committee Advances Proposed Bill

Last Thursday, the Senate Banking Committee voted to push the stablecoin bill to the full Senate. 

It is worth noting that none of the amendments suggested by US Sen. Elizabeth Warren were listed in the bill, not even her proposal to limit stablecoin issuance to banking institutions. While Senator Tim Scott of the Senate Banking Committee termed the bill a victory for innovation, Warren claimed that it would bring chaos.

“Without changes, this bill will supercharge the financing of terrorism. It will make sanctions evasion by Iran, North Korea, and Russia easier,” she argued.

Stablecoin Market Nears Bull Cycle 

Amid this regulatory unsettlement, the stablecoin market is seeing a slight rally. 

The supply of leading stablecoins like Tether’s USDT and Circle’s USDC has significantly increased around market top cycles. Analysts and market observers have reasons to believe the current bull cycle has not reached its climax. 

According to IntoTheBlock, the upward trajectory of stablecoin supply supports this assumption.