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The US government is getting ready to take significant action regarding the regulations of stablecoins, a branch of altcoins. Bo Hines, Executive Director of the Presidential Advisory Council on Digital Assets, announced that a comprehensive stablecoin law is nearing completion. Last week, the US Senate Banking Committee approved the GENIUS Act, seen as part of the strategy to maintain the dominance of the dollar in the global financial system. Hines emphasized that this law will lead to a more regulated stablecoin market.
What Does the GENIUS Act Bring?
The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) introduces clear rules for stablecoin issuers. The law mandates that stablecoin reserves must be fully collateralized and requires issuers to comply fully with anti-money laundering (AML) laws.
The bill has garnered rare bipartisan support in Congress, aiming to make the cryptocurrency market more reliable. Hines noted that these regulations would significantly contribute to the US economy. He added that stablecoins must be incorporated into a legal framework to maintain the dollar’s strength in the global financial system. The bill is expected to be presented for President Donald Trump’s approval within the next two months.
Stablecoins currently account for a large portion of the $230 billion digital dollar in circulation, extensively used in global fund transfers and cryptocurrency transactions. Although experts predict the future rise of multi-currency based stablecoins, the US dollar remains the most preferred type of cryptocurrency for now.
Why Does the Trump Administration Value Stablecoins?
US Treasury Secretary Scott Bessent stated that stablecoins are a crucial tool for maintaining global dollar dominance. It became clear during the Crypto Summit held at the White House in March that the Trump administration will accelerate stablecoin regulations. Bessent expressed that stablecoin legislation will enhance the US’s economic power and keep the dollar stronger in global trade.
With stablecoin laws becoming clearer, the US is expected to strengthen its leadership in financial technologies. The regulations are anticipated to create new opportunities for banks and financial institutions, and the establishment of a legal framework could promote greater institutional capital influx into the cryptocurrency market by enhancing investor confidence.
The US government views the regulation of stablecoins not only as a measure for financial stability but also as a geopolitical maneuver. The proliferation of the dollar could enhance the US’s role in international trade. As rival countries like China seek to expand their digital currencies, the US administration aims to maintain its leadership in this domain.
