David Sachs praised the Senate’s passing the Genius Act, saying it would strengthen consumer protection and strengthen control of the US dollar.
On Monday, June 17th, the US Senate passed bipartisan guidance and the introduction and establishment of stable national innovation in the United States.genius) marks important steps in regulating actions, payment stability.
This groundbreaking law provides a comprehensive framework for using and publishing Stablecoins. The act of genius can now head to the House and approach the law for further consideration.
Support from key US government figures
Speaking about X, David Sachs, White House AI and Crypto Czar expressed their enthusiasm for the passing of Stablecoin Bill. He highlighted the potential to strengthen global domination of the US dollar and protect consumers.
Sacks praised the US Senate’s bipartisan efforts and took the bill a step forward in creating clarity for regulations in the Stablecoin sector.
He also thanked President Trump for his code-related initiatives and praised Senator Bill Hagerty for writing the bill. The law received bipartisan support from key figures including Senators Tim Scott, Cynthia Ramis and Kirsten Gillibrand.
The US Senate has passed a groundbreaking stability law that provides clarity on regulations, enhances consumer protection and expands control of the US dollar online. Thank you to President Trump for writing the bill for Crypto & @senatorhagerty’s leadership.
– David Sacks (@DavidSacks47) June 17, 2025
Stablecoin market has reached 3.7T
In his commentary, U.S. Treasury Secretary Scott Bescent cited a report that predicts that the Stablecoin market could reach $3.7 trillion by 2030.
He said this growth is increasingly likely following the passage of genius acts. Bessent emphasized that the thriving Stablecoin ecosystem will drive demand for the US Treasury.
This demand helps reduce government borrowing costs and contribute to reducing national debt. Additionally, Bessent noted that expanding Stablecoins could bring millions of new users around the world to a dollar-based digital asset economy.
A recent reporting project that Stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario is more likely due to the passing of genius acts.
The thriving stablecoin ecosystem drives private sector demand for the US Treasury Department.
– Treasury Secretary Scott Bescent (@secscottbessent) June 17, 2025
Important Benefits of Stablecoins Genius Act
Following the passage of the bill, Senator Bill Hagerty used X to emphasize that the Genius Act would establish the first pro-regulatory framework for payment stability. He emphasized that the bill would solidify control of the US dollar, protect consumers, and increase demand for the US Treasury.
Hagerty said the ACT combines dollar stability with the efficiency of blockchain technology, which could accelerate the adoption of crypto in traditional finance and improve payment processing.
He said the forecast suggests that by 2030, Stablecoin publishers could become the largest owner of the US Treasury. This could strengthen the country’s financial resilience and strengthen the role of the US dollar as a global reserve currency.
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