Cryptocurrency Tsar David Sacks: The "GENIUS Act" Promotes Legislation for Digital Dollar and Stablecoins

ChainCatcher news, the White House cryptocurrency and artificial intelligence director, crypto czar David Sacks stated, "President Trump continues to create historic victories. Today he signed the GENIUS Act, which establishes a legal framework for stablecoins.

This law will reverse the regulatory approach of the past four years by setting clear rules, thereby unlocking America's dominance in the crypto industry. It will update the outdated payment systems with a revolutionary new payment system based on blockchain. It will expand the dollar's global dominance through the creation of a digital dollar accessible to people worldwide.

Every digital dollar in a crypto wallet will correspond to an equivalent dollar reserve in a U.S. bank account, which will create trillions of dollars in demand for U.S. Treasury bonds. This is yet another example of President Trump delivering on his promises.

Additionally, the House has passed the CLARITY Act, a market structure bill that President Trump has pledged to support and submit to the Senate. President Trump has committed to making the U.S. the world's crypto capital, and he has already delivered on that promise."