- Bo Hines forecasts stablecoin regulation hitting Trump’s desk within two months, following Senate backing of the GENIUS Act.
- Hines highlighted how the GENIUS Act, passed 18-6, set the collateral and AML guidelines for stablecoin issuers with strong bipartisan support.
- Hines also praised bipartisan unity and the Presidential Working Group on Digital Assets for clearing the regulatory path and boosting US market dominance.
Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, said stablecoin regulation in the US could reach President Donald Trump’s desk in “as little as two months”.
Speaking at the Digital Asset Summit in New York, Hines said that stablecoin legislation is “imminent” following the Senate Banking Committee’s recent approval of the GENIUS Act —Guiding and Establishing National Innovation for US Stablecoins.
He stressed that the market has yet to fully grasp the potential benefits of stablecoin legislation, not only for the US economy and the dominance of the US dollar but for its transformative impact on financial markets, he added.
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The Senate Banking Committee passed the GENIUS Act on March 13 by an 18-6 vote, reflecting the strong bipartisan backing for the bill. It essentially sets the collateralisation guidelines for stablecoin issuers and mandates full compliance with Anti-Money Laundering laws (and some hefty fines and penalties for those who don’t follow the rules).
Hines Praises Bipartisan Work
Hines was thrilled to see the bipartisan backing for the bill, stating that there aren’t many issues in which both parts can come together:
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 really exciting about this. You know, there’s not many issues in Washington, DC, in which folks can come together from both sides of the aisle and really propel the United States forward in a way that’s comprehensive.
Bo Hines, executive director of the President’s Council of Advisers on Digital AssetsWhen asked about the timeline for the legislation, Hines remarked:
I think that stables could be on the president’s desk here in the next two months.
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Hines also praised the work done by the Presidential Working Group on Digital Assets, an initiative launched by President Trump via executive order on January 23. Besides trying to clear up the regulatory landscape, it also seeks to erase a series of measures limiting the integration of crypto platforms with traditional financial systems.
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