White House officials: The US stablecoin bill may be submitted to President Trump within two months.

[White House Official: US Stablecoin Bill May Be Submitted to President Trump Within Two Months] Bo Hines, Executive Director of the US Presidential Digital Asset Working Group, stated that the stablecoin regulatory bill could be submitted to President Donald Trump within two months. In a speech at the Blockworks Digital Asset Summit, Hines said that the market does not fully understand how stablecoin legislation could benefit the US economy and the dominance of the dollar. Furthermore, he believes that regulating stablecoins could change the historical trajectory of financial markets. On March 13, the Senate Banking Committee passed the stablecoin regulation bill “GENIUS Act” with a vote of 18 in favor and 6 against. The bill received bipartisan support and has now paved the way for a full Senate vote. The legislation outlines guidelines for the issuance and regulation of stablecoins in the United States, such as these tokens must be backed 1:1 by U.S. dollars, insured bank deposits, or short-term Treasury bills. Hines emphasized the bipartisan cooperation that led to the bill’s approval, stating that in Washington D.C., there are not many issues that can unite both parties like the current comprehensive push from the crypto industry to move the U.S. forward.