PANews reported on March 19 that according to Cryptoslate, Bo Hines, executive director of the US Presidential Digital Asset Task Force, said that the US stablecoin regulatory bill may 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 can benefit the US economy and the dominance of the US dollar. In addition, he believes that regulating stablecoins may change the historical course of financial markets.

The Senate Banking Committee passed the stablecoin regulation bill, the GENIUS Act, on March 13 with 18 votes in favor and 6 against. The bill has received bipartisan support and now paves the way for a full Senate vote. The bill proposes 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 efforts to approve the bill, saying that there are not many issues in Washington, D.C. that can unite the two parties and move the United States forward as comprehensively as the current crypto industry.