TechFlow news, on March 19, according to CryptoSlate, Bo Hines, Executive Director of the U.S. Presidential Working Group on Digital Asset Markets, said that the U.S. stablecoin regulatory bill could reach President Donald Trump's desk within two months.
Hines pointed out at the Blockworks Digital Assets Summit that the market has not yet fully understood the benefits of stablecoin legislation for the U.S. economy and the dominance of the dollar. He emphasized that stablecoin regulation could change the course of financial market history.
The U.S. Senate Banking Committee passed the stablecoin regulatory bill, the GENIUS Act, by a vote of 18-6 on March 13. The bill, which enjoys bipartisan support, can now proceed to a full Senate vote. The legislation sets forth guidelines for stablecoin issuance and regulation, requiring stablecoins to be fully backed 1:1 by the U.S. dollar, insured bank deposits, or short-term Treasury bills.
