- David Sacks says the GENIUS Act will pass with strong bipartisan Senate support.
- The bill could trigger trillions in demand for U.S. Treasuries through stablecoin growth.
- Trump’s crypto ties raise conflict, concerns over World Liberty Financial’s USD1 launch.
President Donald Trump’s top crypto and AI advisor, David Sacks, says the GENIUS Act is heading for Senate approval. He made the comments during an interview after a key procedural vote. This comes after fifteen Democrats joined Republicans to clear the bill’s cloture threshold, giving it momentum to pass. The bill aims to regulate stablecoins, a form of cryptocurrency tied to real-world assets like the U.S. dollar.
Sacks said the U.S. already holds over $200 billion in stablecoins, but lacks clear rules. He believes the new bill could unlock trillions of dollars in demand for U.S. Treasuries almost overnight. He called stablecoins “new payment rails” and said they could strengthen the dollar’s global presence. Sacks also said the law would help modernize the U.S. financial system and promote efficiency.
The GENIUS Act, short for Guiding and Establishing National Innovation for US Stablecoins, is the most advanced stablecoin bill to date. Its progress comes as crypto use continues to grow in the U.S. and globally. Stablecoins like Tether now account for over 60% of the market. Deutsche Bank reported $28 trillion in stablecoin transactions last year, surpassing Mastercard and Visa.
The White House has publicly backed the GENIUS Act, tying it to broader economic goals. However, concerns about Trump’s financial ties to crypto have stirred controversy. Trump’s family is connected to World Liberty Financial, a crypto company that recently launched a stablecoin called USD1. The token is backed by U.S. Treasuries and dollar reserves.
Sacks confirmed he sold $200 million in crypto-related assets before taking his White House role. He declined to answer questions about whether the president or his family could profit from the bill.
Related: Bipartisan Vote Pushes GENIUS Act Toward Final Approval
The bill’s final passage still faces hurdles. Senator Josh Hawley has added a rider to cap credit card late fees, which banks oppose. That provision could make the bill harder to pass, despite broad support for the stablecoin rules. Lawmakers now face pressure to either remove the rider or negotiate changes.
Sacks remained confident, saying the bipartisan support shows the law is likely to move forward. The next Senate vote could happen within days, with debate ongoing over key amendments.
