The post Big News: Crypto Czar David Sacks Says U.S. Is Close to Passing ‘Crypto Bill’ appeared first on Coinpedia Fintech News
A breakthrough in U.S. crypto regulation may just be around the corner. In an interview with Bloomberg, AI and crypto Czar, David Sacks, said that a crypto bill is “very close” to becoming a law. If passed, it could bring the clear rules the industry has long been waiting for.
Stablecoin Bill Nears the Finish Line
The Stablecoin bill is almost at the finish line. The House has already passed a similar version called the Stables Act and is now reviewing its next steps. If all goes smoothly, the bill could soon land on the President’s desk. “I think we’re very close here to having a bill that can go to the president’s desk,” he said.
This comes as the Senate recently passed the GENIUS Act, a major stablecoin bill, with a strong 68–30 vote. President Trump is also backing the bill and the House to pass it “lightning fast.” He also called it “an incredible Bill that is going to make America the Undisputed Leader in Digital Assets.”
Why Packaging Bills Could Delay Progress
Sacks warned that trying to combine this stablecoin bill with a broader market structure bill could slow things down. While the House has already passed the stablecoin bill, the market structure bill hasn’t even been taken up by the Senate. So, bringing them together could delay the Stablecoin bill, which is already close to becoming law.
Citigroup predicts that the global stablecoin market could grow to $3.7 trillion by 2030. But without clear regulation, that number could shrink to just $500 billion.
Stablecoins Could Come Onshore with This Bill
Currently, about $250 billion worth of stablecoins are in circulation, even without solid U.S. regulations. Sacks said the bill would bring the whole stablecoin industry onshore, improve consumer protection, and require regular audits.
It could also boost global use of U.S. digital dollars, especially in countries with weaker currencies. That shift could drive trillions in new demand for U.S. Treasuries. Companies like Amazon and Walmart are already exploring their own stablecoins. The bill would bring these efforts under banking regulation, with clear rules and oversight.
“The Payment System of the Future”
Sacks also called this new blockchain-based dollar system “the payment system of the future.” With this bill, he sees the U.S. creating a faster, safer, and more efficient dollar system online.
While executive actions help, he said lasting clarity comes from passing real laws. “If you want the rules to stick, especially if a future official like Gary Gensler comes back, you need to enshrine them into law,” he said, making this bill, and the broader one still in progress, critical for the industry’s future.