Legislation regulating stablecoins could be signed into law within the next two months, according to Bo Hines, executive director of the President’s Council of Advisers on Digital Assets. Hines highlighted the government’s urgency to maintain the US dollar’s dominance in the digital asset space.
Speaking at the Digital Asset Summit in New York on March 18, Hines described the stablecoin legislation as “imminent” following last week’s bipartisan approval of the GENIUS Act by the Senate Banking Committee. The GENIUS Act — short for Guiding and Establishing National Innovation for US Stablecoins — sets clear collateralization requirements for stablecoin issuers and mandates full compliance with Anti-Money Laundering (AML) regulations.
“We saw that vote come out of the Senate Banking Committee in an extremely bipartisan fashion, which was fantastic to see,” Hines said. “Our colleagues on the other side of the aisle also recognize the importance of US dominance in this space, and they’re willing to work with us. That’s what’s really exciting about this — it’s rare to see such strong bipartisan alignment in Washington.”
When asked about the timeline for passing the bill, Hines said, “I think stablecoin legislation could be on the president’s desk in the next two months.”
Hines emphasized that the market is underestimating the potential impact of the bill, noting that it could strengthen US dollar dominance, enhance payment infrastructure, and reshape global financial markets.
Extending Dollar Dominance
The US dollar currently backs the vast majority of the $230 billion in stablecoins circulating in the market, reinforcing its status as the primary currency for crypto transactions and cross-border remittances.
While some analysts predict that stablecoins will eventually become multicurrency, the US dollar remains dominant. US Treasury Secretary Scott Bessent underscored the administration’s commitment to maintaining this dominance through stablecoins.
“We are going to put a lot of thought into the stablecoin regime,” Bessent said at the White House Crypto Summit on March 7. “As President Trump has directed, we are committed to keeping the US dollar the dominant reserve currency in the world — and stablecoins will play a key role in achieving that.”
