Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, said comprehensive stablecoin legislation is expected to be finalized in the coming months, underscoring the government’s urgency to maintain the US dollar’s dominance in onchain activity.
Speaking at the Digital Asset Summit in New York on March 18, Hines said stablecoin legislation is “imminent” following the Senate Banking Committee’s approval of the GENIUS Act last week.
The GENIUS Act, which is an acronym for Guiding and Establishing National Innovation for US Stablecoins, establishes collateralization guidelines for stablecoin issuers and requires full compliance with Anti-Money Laundering laws.
“We saw that vote come out of the Senate Banking Committee in extremely bipartisan fashion, […] which was fantastic to see,” said Hines, adding:
“I think our colleagues on the other side of the aisle also recognize the importance for US dominance in this space, and they’re willing to