A significant development in U.S. crypto regulation is on the horizon. **David Sacks**, the AI and crypto Czar, mentioned in an interview with Bloomberg that a crypto bill is on the verge of becoming a law. This bill, if approved, could finally establish the long-awaited clear regulations for the industry.
The Stablecoin bill is nearing completion. The House has already passed a version known as the Stables Act and is now in the process of reviewing the next steps. Sacks expressed confidence in the progress, stating that the bill could soon reach the President’s desk for approval.
Recently, the Senate passed the GENIUS Act, a crucial stablecoin bill, with a resounding 68–30 vote. President Trump has endorsed the bill and urged the House to swiftly pass it. He hailed it as a transformative legislation that would position America as the leading authority in digital assets.
Sacks cautioned against combining the stablecoin bill with a broader market structure bill, as it could impede the swift progress of the former. The delay in Senate’s consideration of the market structure bill might hinder the enactment of the Stablecoin bill, which is on the brink of approval.
According to Citigroup, the global stablecoin market could reach $3.7 trillion by 2030. However, the absence of clear regulations could limit this figure to just $500 billion.
The proposed bill aims to align the entire stablecoin industry with U.S. regulations, enhancing consumer protection and mandating regular audits. It could also facilitate the widespread adoption of U.S. digital dollars, particularly in nations with weaker currencies, stimulating a significant demand for U.S. Treasuries.
Sacks envisions this new blockchain-powered dollar system as the “payment system of the future.” He believes that the bill will revolutionize the online dollar system, making it faster, more secure, and highly efficient.
While executive actions are beneficial, Sacks emphasized the importance of enacting concrete laws to provide lasting clarity. He stressed that codifying the rules into law is crucial for the industry’s stability, making the approval of this bill, along with the broader legislation in progress, pivotal for the sector’s future.
Note: Investments carry market risks. Please invest carefully. We do not accept responsibility for any financial losses.
