President Donald Trump is sitting next to Crypto Emperor David at the White House Summit on March 7, 2025, in the White House in Washington, DC.
Evelyn Hockstein |Reuters
President Donald Trump’s top crypto and AI advisor David Sachs said Wednesday that he hopes the administration will pass through the Senate with “critical bipartisan support,” claiming it could unlock demand for the U.S. Treasury.
“We already have over $200 billion in stubcoins, which is unregulated,” Sachs told CNBC’s “Closing Bell Overtime.” “If we provide legal clarity and legal framework for this, we think we can create a demand for trillions of dollars for our Treasury in virtually overnight, very quickly.”
The Genius Act – a bill regulating stubcoin – has cleared an important procedural vote in the Senate. Supporters have the necessary votes to avoid filibusters as 15 Democrats vote for the bill and pass the coagulation threshold this week.
“We have every expectation to make it pass,” he said, not answering questions from Democrats about concerns, but not answering the question that there are no sufficient protections to help the president and his family benefit from the law.
Democrats have previously rejected genius over concerns that President Trump’s personal cryptocurrency venture, including his own meme coins and stupid coins from his family’s crypto business, have led to an unprecedented conflict of interest.
Unlike digital assets such as Bitcoin, which can be traded wildly, Stablecoins are a subset of cryptocurrencies that are tied to the value of real-world assets, such as the US dollar. Bitcoin recorded a new record on Wednesday, approaching $110,000.
Banked by US Cantor Fitzgerald, Tether manages more than 60% of the Stablecoin market. Deutsche Bank has found Stablecoin Transactions reached $28 trillion last year, surpassing the MasterCard and Visa combination.
Emerging as a strong policy voice within Trump’s inner circle, Sachs framed the act of genius not only as a breakthrough in the code but also as a national economic strategy.
“Stablecoins offer a new, more efficient, cheaper and smoother payment system. The new payment railroad for the US economy,” he said. “It also expands control of the dollar online.”
The White House has been actively supporting the efforts despite growing concern over the potential presidential conflict.
Sacks sold $200 million in crypto-related holdings before working with the White House in accordance with the disclosure declaration, but Trump and his family have been leaning towards building a crypto empire.
Trump is a financial aid for Liberty Financial around the world and has just launched his own stubcoin (USD1), supported by the Treasury Department and dollar deposits.
Abu Dhabi’s MGX investment fund recently pledged $2 billion in Binance’s largest digital asset exchange, the world’s largest $2 billion. It is the company’s biggest investment in cryptographic history.
Still, the path to passing is not completely smooth. R-Mo. Senator Josh Hawley added the controversial rider to the bill that would limit credit card deferral fees.
Watch: Trump’s growing crypto empire raises concerns of conflict of interest
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