David Sacks predicts great demand for stablcoins if new laws are approved in the US

According to Sacks, if the law is approved Genius Act, The demand for bonds of the Treasure of the US, which will be very beneficial for the US dollar.

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• The White House He believes that Stablecoins regulation could generate billions in demand for treasure bonds.
• David Sacks ensures that the approval of the project will be immediate and with strong bipartisan support.
• Tether surpassing Germany in bonds of the Treasure shows interest in these products.
• The approval of the law Genius Act It will be especially beneficial for Stablecoin.

The Trump’s Tsar CLOSING Bell Overtime of CNBC that awaits the approval of the bill Genius Act to regulate the stablecoins, which, according to him, I could release billions of dollars in demand for the Treasure of the USA.

“I think it will be immediate”, Declared Sacks. “We already have more than USD $ 200,000 million in Stablecoins, only they are without regulation. If we provide legal clarity and a regulatory framework, we could generate billions of dollars in demand for our treasure bonds practically overnight.”

Tether And a sample of the potential

Even before the approval of the law, the stablecoin issuing company USDT, Tether, has shown considerable demand for bonds of the Treasure of USA. According to statistics from the Treasury Department, The firm already has about USD $ 120,000 million in values ​​of the Treasure, surpassing Germany as the 19th largest American bond hold.

SACKS is not the only one to highlight the impact of the project. Matt Hougan, Investment Director of Bitwise, He pointed out on Tuesday that this legislation could be the starting point for an upward market of several years in the crypto sector, projecting that the value of the stablcoins would reach the USD $ 2.5 billion “in a very short time.”

Project keys Genius Act and its implications

The bill, known as Genius Act, It requires that the stablecoins are fully supported by bonds of the Treasure of the US or equivalent to the dollar, which applies rules against money laundering, additional supervision for foreign issues, and mandatory audits for large emitters with a capitalization greater than USD $ 50,000 million. Currently, alone Tether and Circle They fulfill that criterion.

The Senate voted on Monday 66 to 32 to advance with the legislation, with several Democratic senators changing their position compared to the previous week. The vote was considered historical by crypto leaders and legislators, who claim that they could help “Ensure the dominance of the US dollar”although there are still voting for amendments and the final approval of the text.

Despite the bipartisan support, some legislators expressed concerns. Democratic Senator Elizabeth Warren criticized that the project does not address the Trump family links with the Stablecoin USD1 of World Liberty Financial, suggesting that it could allow undue enrichment and compromise national security.

Senator Richard Blucenthal, also a Democrat, warned last week that the project DEFI Associated with Trump could open the doors to foreign interference. Sacks avoided responding directly to these concerns, focusing on the broad legislative support that the initiative has received.

“I think 15 Democrats voted in favor to reach the voting threshold and avoid filibusterism,” he said. “We have all the expectation that it will be approved.”

According to Sacks, stablcoins not only improve the efficiency of payment systems, but also reinforce the position of the dollar in the digital economy. “They offer a more efficient, cheap and fluid payment system,” he added. “That’s why I think it will be approved, and will do so with significant bipartisan support.”

Closing the interview, Sacks expanded his vision on the role of the US in the development of artificial intelligence. He stressed that the Biden administration will seek to support the necessary infrastructure to compete globally: “If we do not, it will be very harmful to our economy and for our defense system.”

Article written by a content editor. Edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

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