Stablecoin bill could reach Trumps desk within two months, says Bo Hines
The regulation of stablecoins in the US can reach President Donald Trumps desk in two months, according to the Executive Director of the Presidential Working Group on Digital Assets Markets, Bo Hines.
During a speech at Blockworks Digital Asset Summit, Hines said the market does not fully grasp how legislation on stablecoins can benefit the US economy and the dollar dominance.
Additionally, he thinks regulating stablecoins could alter the course of financial markets for the rest of history.
Hines added:
This is going to be a massive piece of legislation, it really propels the United States forward, and that is something that we very much are looking forward to.
The Senate Banking Committee passed the stablecoin regulation bill GENIUS Act on March 13 through an 18-6 vote. The approval had bipartisan support and now clears the bill for a full Senate vote.
The bill proposes regulatory guidelines for stablecoin issuance and oversight in the US, such as a 1:1 backing for these tokens that must be maintained in US dollars, insured bank deposits, or short-term Treasury bills.
Hines highlighted the bipartisan effort to approve the bill, saying there are not many issues in DC where both parties can come together and propel the US further comprehensively as it is currently happening with the crypto industry.
Sustainable changes
Hines said the Presidential Working Group on Digital Assets has made tremendous progress in the past eight weeks in terms of delivering on Trumps promises related to crypto.
Trump created the group through an executive order signed on Jan. 23. Its responsibility is to create a regulatory framework that will provide clarity and support for innovation in crypto.
Hines shared that the group has landmarks. The 30-day landmark consisted of regulators sending reports about their rulemaking actions related to digital assets.
The 60-day landmark, achieved on March 24, will consist of regulators recommendations for the group. This will be followed by the 120-day landmark, consisting of a report on everything agencies actors are doing and what they can do to remove barriers to institutional adoption and secure innovation.
Hines also highlighted that regulators have some autonomy to act independently without constantly needing an executive order to make progress on crypto regulation. He further emphasized that the groups role is ensuring that everyone is singing from the same sheet of music.
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