Source: Cointelegraph Original: "{title}"

The Executive Director of the U.S. Presidential Advisory Council on Digital Assets, Bo Hines, stated that comprehensive stablecoin legislation is expected to be finalized in the coming months, highlighting the urgency for the government to maintain the dominance of the dollar in on-chain activities.

On March 18, during a speech at the New York Digital Assets Summit, Hines remarked that stablecoin legislation is "imminent" following the Senate Banking Committee's approval of the GENIUS Act last week.

The GENIUS Act stands for "Guiding and Establishing U.S. Stablecoin National Innovation," and it establishes collateral guidelines for stablecoin issuers while requiring full compliance with anti-money laundering laws.

Hines stated, "We saw the Senate Banking Committee pass this vote in an extremely bipartisan manner, […] which is very exciting." He added:

"I think our colleagues on the other side also recognize the importance of the U.S. maintaining a dominant position in this area, and they are willing to work with us here, which is truly exciting. You know, in Washington, D.C., there aren't many issues that can unite both parties to really push the U.S. forward in a comprehensive way."

Bo Hines (right) speaking at the Digital Assets Summit on March 18. Source: Cointelegraph

When asked when stablecoin legislation might pass, Hines said, "I believe the stablecoin bill could be submitted to the President's desk within the next two months."

Hines also mentioned that the market currently seems to underestimate the "potential impact of this legislation on the U.S. economy, including the consolidation of the dollar's dominance, improvements in the payment system, and changes in the direction of financial market development."

The dollar accounts for the vast majority of the $230 billion in circulating stablecoins, indicating that the dollar remains the preferred currency for funding cryptocurrency accounts and remitting money overseas.

Some industry experts believe that as stablecoins gradually diversify, this situation may change in the future, but so far, the digital dollar remains the overwhelming choice.

Dollar-denominated stablecoins dominate the market. Source: DefiLlama

U.S. Treasury Secretary Scott Bessent stated that the Trump administration would leverage stablecoins to maintain the dollar's status as the global reserve currency, which partly explains the urgency to push stablecoin legislation through as quickly as possible.

Bessent said at the White House Crypto Summit on March 7, "We will think deeply about the regulatory framework for stablecoins and, following President Trump's instructions, ensure that the dollar continues to hold its position as the global dominant reserve currency, and we will use stablecoins to achieve this goal."

On March 7, Treasury Secretary Scott Bessent attended the White House Crypto Summit with President Trump. Source: The Associated Press

Related: Can cryptocurrency continue to symbolize financial freedom amid political maneuvering?

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。