Executive Director of President’s Council of Advisers on Digital Assets Predicts $15 to $20 Trillion Surge in Value Following GENIUS Act’s Legalization
Bo Hines, the Executive Director of the President’s Council of Advisers on Digital Assets, has made a bold prediction for the digital asset industry. He believes that once the GENIUS Act is legalized, the industry will experience a massive surge in value, estimated to be between $15 to $20 trillion.
Impact of the Stablecoin Bill on the Crypto Market
In a recent interview, Hines highlighted the significance of the White House’s stablecoin bill and its potential impact on the crypto market. He expressed confidence that once the bill is passed, the U.S. crypto industry will witness significant benefits.
“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 to $20 trillion dollars,” said Hines.
Currently, the overall crypto market is experiencing a downturn, with the market cap dropping by 4.3% to around $3.4 trillion. However, Hines’ prediction suggests that the stablecoin bill could potentially boost the market by more than five times its current value.
U.S. Leading the Way in Digital Asset Adoption
Hines believes that the crypto regulations being developed in the White House, including the stablecoin bill awaiting a vote from the House of Representatives, will propel the United States to the forefront of digital asset financial technology adoption.
The stablecoin bill is expected to strengthen the position of U.S. dollar-pegged stablecoins, as innovations based on blockchain technology will heavily rely on these assets.
“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,” explained Hines.
He emphasized that these developments position the United States as a global leader in the digital asset space.
GENIUS Act Receives Senate Approval
The Guiding and Establishing National Innovation for U.S. Stablecoins Act, also known as the GENIUS Act, recently passed the U.S. Senate with bipartisan support. The bill is now awaiting a vote from the House of Representatives and is expected to advance by the end of July.
With the potential legalization of the GENIUS Act and the stablecoin bill, the U.S. crypto industry is poised for significant growth and innovation.
For more information on the latest developments in stablecoin regulation, check out our article on the U.S. Senate passing the landmark Genius Act.