Michaela
Bo Hines, who leads the President’s Council of Advisers on Digital Assets, has indicated that the stablecoin bill is nearing completion and is expected to reach the president’s desk soon.
He indicated that the bill will reach President Donald Trump’s desk within the next two months, according to crypto journalist Eleanor Terrett. Speaking at the Digital Asset Summit in New York, Hines emphasized that stablecoin legislation is moving forward, calling it “imminent” in light of recent progress.
Hines’ comments follow last week’s approval of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act by the Senate Banking Committee. The bill, which aims to establish a regulatory framework for payment stablecoins, now moves closer to final legislative review.
The GENIUS Act has cleared a key hurdle after gaining approval from the U.S. Senate Banking Committee and advancing to a full vote in the House. The bill, which focuses on regulating payment stablecoins, is expected to progress smoothly through the legislative process due to its bipartisan backing and broad scope.
Before reaching the President’s desk for final approval, the stablecoin bill must also pass a vote in the House of Representatives. Industry experts believe its momentum signals strong support for establishing clearer regulatory guidelines for digital assets.
The proposed legislation outlines a regulatory framework for stablecoin issuance and oversight in the United States. It mandates that stablecoins be backed 1:1 by U.S. dollars, insured bank deposits, or short-term Treasury bills. This ensures greater financial stability and consumer protection in the sector.
Hines noted that the crypto industry has become one of the few areas where lawmakers from both parties are finding common ground. He emphasized the bipartisan effort behind the stablecoin bill, describing it as a rare instance of collaboration in Washington to strengthen the country’s approach to digital asset regulation.
The GENIUS Act was introduced in February 2025, by Senator Bill Hagerty, the act is co-sponsored by Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis. During the committee’s markup session, several national security amendments were proposed to enhance oversight of foreign-issued stablecoins, addressing concerns about potential risks to financial stability.
The legislation represents a significant step toward providing regulatory clarity for stablecoin issuers and users, aiming to balance innovation with consumer protection and financial stability.
Read More
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
