According to Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, stablecoin legislation following the Senate Banking Committee’s approval of the GENIUS Act could be finalized within two months. This act aims to establish regulations for stablecoin issuers and ensure compliance with Anti-Money Laundering laws.

There is significant bipartisan backing in Washington for this legislation, emphasizing the U.S. Government’s commitment to maintaining the dollar’s dominance in the crypto space. Currently, the U.S. Dollar represents the majority of the 230 billion USD in stablecoins in circulation.