Sacks backs GENIUS Act to regulate $250B stablecoin market
Sacks: Genius Act could unlock trillions in stablecoin market growth
David Sacks, the recently appointed U.S. “crypto czar,” has thrown his full support behind the Genius Act, a Senate-approved bill aimed at regulating stablecoins.
In an interview, Sacks emphasized the bill’s potential to bring the $250 billion offshore stablecoin market under U.S. oversight, creating the regulatory certainty needed to encourage wider institutional participation, reports Crypto News.
“I think this bill is a major piece of legislation,” said Sacks, predicting that the current stablecoin market could expand to trillions of dollars once traditional financial institutions are empowered to enter the space with confidence. He added that mandatory dollar reserves, audit requirements, and foreign issuer compliance would reduce financial risk while promoting trust.
A Global Dollar Demand Engine
Sacks also highlighted the Genius Act’s global implications, suggesting that regulated U.S. stablecoins could become a preferred digital currency in foreign markets, especially in countries with unstable monetary systems. “We could see people using U.S. digital dollars instead of their own currencies,” he noted, adding that such a trend would boost global demand for U.S. Treasuries, reinforcing the dollar’s dominance in global finance.
This aligns with growing international interest in fiat-backed digital assets that offer faster, cheaper, and more transparent cross-border payments. The bill’s inclusion of foreign issuer oversight also signals Washington’s intent to set a global standard for digital dollar operations.
Trump Champions the Bill as Strategic Policy for U.S. Tech Leadership
President Donald Trump gave the Genius Act a ringing endorsement on his Truth Social platform, describing it as a “pure GENIUS” initiative that would catapult the U.S. to the forefront of digital finance. “The Senate just passed an incredible bill that is going to make America the UNDISPUTED Leader in Digital Assets,” Trump posted, urging the House of Representatives to pass it without delay or amendments.
Trump’s public push reflects his administration’s broader strategy to turn regulatory clarity into a competitive advantage, encouraging both startups and traditional finance to innovate within U.S. borders. With rising bipartisan support and key industry figures like Sacks backing the bill, the Genius Act could soon become a defining milestone for American crypto regulation.
Recently we wrote that Ripple CEO Brad Garlinghouse has applauded the passage of the GENIUS Act, calling it a “truly historic moment” for the crypto industry.
