David Sacks has praised the Senate’s passage of the GENIUS Act, stating that it enhances consumer protection and strengthens the U.S. dollar’s dominance.
On Monday, June 17, the U.S. Senate passed the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, marking a crucial step in regulating payment stablecoins.
This landmark legislation provides a comprehensive framework for using and issuing stablecoins. The GENIUS Act now heads to the House of Representatives for further consideration, where it could move closer to becoming law.
Support from Key Figures in the U.S. Government
Speaking on X, David Sacks, the White House AI and Crypto Czar, expressed his enthusiasm for the passage of the stablecoin bill. He highlighted its potential to enhance the global dominance of the U.S. dollar and protect consumers.
Sacks commended the U.S. Senate’s bipartisan efforts and called the bill a step forward in creating regulatory clarity for the stablecoin sector.
He also thanked President Trump for his crypto-related initiatives and praised Senator Bill Hagerty for authoring the bill. The legislation received bipartisan support from key figures, including Senators Tim Scott, Cynthia Lummis, and Kirsten Gillibrand.
The U.S. Senate has passed the GENIUS Act — landmark stablecoin legislation that provides regulatory clarity, enhances consumer protection, and extends U.S. dollar dominance online. Thanks to President Trump for his leadership on crypto & @SenatorHagerty for authoring the bill.
— David Sacks (@davidsacks47) June 17, 2025
Stablecoin Market to $3.7T
In his commentary, U.S. Treasury Secretary Scott Bessent cited reports projecting the stablecoin market could reach $3.7 trillion by 2030.
He stated that this growth is increasingly likely following the passage of the GENIUS Act. Bessent emphasized that a thriving stablecoin ecosystem would drive demand for U.S. Treasuries, which back most stablecoins.
This demand could help lower government borrowing costs and contribute to reducing the national debt. Additionally, Bessent pointed out that expanding stablecoins could bring millions of new users worldwide into the dollar-based digital asset economy.
Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the GENIUS Act.
A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back…
— Treasury Secretary Scott Bessent (@SecScottBessent) June 17, 2025
Key Benefits of the GENIUS Act for Stablecoins
Following the bill’s passage, Senator Bill Hagerty took to X to highlight that the GENIUS Act establishes the first pro-growth regulatory framework for payment stablecoins. He emphasized that the bill would cement U.S. dollar dominance, protect consumers, and increase demand for U.S. Treasuries.
Hagerty noted that the act combines the dollar’s stability with the efficiency of blockchain technology, potentially accelerating the adoption of crypto in traditional finance and improving payment processing.
According to him, projections suggest that by 2030, stablecoin issuers could become the largest holders of U.S. Treasuries. This could strengthen the nation’s fiscal resilience and reinforce the U.S. dollar’s role as the global reserve currency.