Trump Adviser Predicts Senate Approval of Stablecoin Bill, Touting Trillions in Treasury Demand
The Biden-Trump divide isn’t stopping momentum on Capitol Hill when it comes to crypto. David Sacks, senior adviser to former President Donald Trump on digital assets and AI, said the GENIUS Act — the most comprehensive stablecoin legislation to date — is now on track for Senate approval, thanks to growing bipartisan support.
Speaking to CNBC following a key vote on Tuesday, Sacks said, “We’re confident this will pass. The procedural vote was telling.” That vote saw 15 Senate Democrats break ranks to help the bill clear the 60-vote filibuster threshold, sending a strong signal about its viability.
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act aims to create a clear regulatory path for dollar-backed digital currencies. Sacks emphasized the potential economic impact, suggesting that legal clarity around stablecoins could open the floodgates for capital inflows into U.S. Treasurys.
“There’s already more than $200 billion in circulation through stablecoins — but none of it is properly regulated,” he said. “Once we lay the legal groundwork, demand for Treasurys could surge by the trillions.”
A Cloud of Controversy
The bill's momentum continues despite mounting scrutiny over Trump-linked crypto ventures. Critics have questioned whether the Trump family stands to benefit financially from the legislation, especially after the launch of USD1 — a new stablecoin backed by U.S. Treasurys and fiat reserves. The token, issued by World Liberty Financial (a firm with close Trump family connections), reportedly secured a $2 billion funding commitment from Abu Dhabi’s MGX fund via Binance.
Sacks, who divested $200 million in crypto holdings prior to his government role, declined to address questions about potential conflicts of interest.
Final Hurdles Remain
While the bill is advancing, it’s not in the clear. A last-minute amendment by Senator Josh Hawley — proposing a cap on credit card late fees — has stirred concern among banking sector allies. The provision could fracture support among financial lobbyists who otherwise back stablecoin legislation.
Still, Sacks remains optimistic. “There’s real alignment here. Both parties understand that the U.S. needs to lead in financial innovation — or risk falling behind,” he said.
If passed, the GENIUS Act would mark a pivotal moment for the U.S. crypto landscape, potentially reshaping the role of stablecoins in global finance and placing U.S. Treasurys at the heart of a booming digital asset ecosystem.