From Cointelegraph

May 22, 2025 05:06:00 AM:

US President Donald Trump’s adviser on crypto, David Sacks, predicts the stablecoin bill will clear the Senate with bipartisan support. The GENIUS Act aims to regulate dollar-pegged digital assets, potentially unlocking trillions in demand for US Treasurys. The bill’s progress comes amid controversy over the Trump family’s ties to the crypto industry. The USD1 stablecoin has received a $2 billion investment from Abu Dhabi’s MGX fund via Binance. Sacks, who sold $200 million in crypto assets before joining the White House, declined to comment on potential financial gains for the president or his family. The bill faces a potential obstacle from Senator Josh Hawley’s provision to cap credit card late fees, which could deter support from financial industry allies.

New York University professor Austin Campbell claims the US banking industry is “panicking” over yield-bearing stablecoins threatening their profit model. Banks fear stablecoins could disrupt their fractional reserve practices by offering higher returns to depositors. The rise of yield-bearing stablecoins has reached $11 billion in circulation since January 2024, comprising 4.5% of the stablecoin market. The SEC approved the first yield-bearing stablecoin security by Figure Markets in February.

Read more at Cointelegraph: Trump’s crypto czar David Sacks says stablecoin bill is ‘going to pass’