US stablecoin legislation expected within two months

The Senate Banking Committee has recently approved the GENIUS Act, which is a step toward creating stablecoin legislation in the United States. Bo Hines, who leads the President’s Council of Advisers on Digital Assets, stated that this legislation could reach the president within two months. He emphasized the importance of this bill for maintaining the US dollar's dominance in the digital economy. Hines shared his excitement during the Digital Asset Summit in New York on March 18. He noted that the bipartisan support from the Senate Banking Committee reflects a shared recognition of the need for a robust stablecoin framework. The GENIUS Act will set rules for how stablecoins must be backed and ensure compliance with anti-money laundering laws. Currently, the US dollar is predominant among the estimated $230 billion in stablecoins available. While some experts believe this may change, dollar-backed stablecoins are still the preferred choice for many users. US Treasury Secretary Scott Bessent highlighted that the Trump administration plans to leverage stablecoins to uphold the dollar's status as the global reserve currency. He stressed the necessity of careful planning regarding stablecoin regulations. Former Senator Pat Toomey warned about potential government control over transactions, which he argues could infringe on financial privacy. He believes stablecoins offer an innovative alternative to excessive government oversight. However, some lawmakers, like Senator Elizabeth Warren, oppose advancing this technology. The outcome of the GENIUS Act could significantly affect the future of digital currency in the US.