White House crypto czar David Sacks says stablecoin bill will unlock 'trillions' for U.S. Treasury

U.S. President Donald Trump sits next to Crypto czar David Sacks at the White House Crypto Summit at the White House in Washington, D.C., U.S., March 7, 2025. President Donald Trump's top crypto and AI advisor David Sacks said Wednesday that the administration expects the stablecoin legislation moving through the Senate to pass with "significant bipartisan support," and claimed it could unlock demand for U.S. Treasuries. "We already have over $200 billion in stablecoins — it's just unregulated," Sacks told CNBC's "Closing Bell Overtime." "If we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our Treasuries practically overnight, very quickly." The GENIUS Act — a bill to regulate stablecoins — cleared a key procedural vote in the Senate. With 15 Democrats voting for the bill to pass the cloture threshold this week, the proponents have the votes necessary to avoid a filibuster. "We have every expectation now that it's ... Read full article.