Executive Director of the President’s Council of Advisers on Digital Assets, Bo Hines, predicts the digital asset industry will see a $15 to $20t surge in value following the GENIUS Act’s legalization.
In a recent interview, the Executive Director of President Trump’s Advisor Council on Digital Assets emphasized the importance of the White House’s stablecoin bill and its impact on the crypto market. He believes once the stablecoin bill passes, the U.S. crypto industry will benefit from the aftermath.
“The capital injection that goes into digital assets ecosystems or stables is enormous. I think that you’re looking into an industry going to $15 [trillion] to $20 trillion dollars,” said Hines.
At press time, the overall crypto market is experiencing a downturn. Data from CoinGecko shows that the crypto market cap has gone down by 4.3%, plummeting to around $3.4 trillion. If Bo Hines’ prediction comes true, then the stablecoin bill in the U.S. could boost the crypto market by more than five times its current market cap.
According to Hines, crypto regulations being processed in the White House, including the stablecoin bill that is awaiting its vote from the House of Representatives, will put the United States “at the forefront of adoption of digital asset financial technology.”
Read more: U.S. Senate passes landmark Genius Act, aiming to bring clarity in stablecoin regulation
He explained that the stablecoin bill will strengthen the hold of U.S. dollar-pegged stablecoins, considering there will be a lot of innovations based around the blockchain that will heavily rely on the use of dollar-backed stablecoins.
“Tokenized public securities 24/7 markets. If you wanna access U.S. capital markets, you’re going to have to use a dollar-backed stable,” said Bo Hines.
“This is what positions the United States to be the global leader And in reality we should be pushing this change,” he continued.
The Guiding and Establishing National Innovation for U.S. Stablecoins Act, or more widely known as GENIUS Act, recently received a green light from the U.S. senate with a majority bipartisan support of 68 to 30 votes. The bill is now awaiting a vote from the House of Representatives and is poised to advance by the end of July.
You might also like: IMF Deputy Managing Director highlights issues in the global stablecoin race
