David Sacks, the top crypto and AI advisor to President Donald Trump, has projected that the impending stablecoin legislation could unlock trillions for the U.S. Treasury.
What Happened: Sacks expressed optimism about the bipartisan support for the stablecoin legislation currently being deliberated in the Senate. He suggested that establishing a legal framework for the already $200 billion worth of unregulated stablecoins could lead to a significant demand for U.S. Treasuries, according to a CNBC report on Wednesday.
If we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our Treasuries practically overnight, very quickly,” stated Sacks.
The GENIUS Act, a bill designed to regulate stablecoins, has passed a crucial procedural vote in the Senate. With support from 15 Democrats, the bill has enough votes to overcome a …