David Sacks and Bo Hines, members of Trump's cryptocurrency council, face backlash as their efforts to advance stablecoin legislation have faltered. Legislation backed by Sen. Bill Hagerty is expected for a vote soon. Stablecoins, backed by real assets, are vital for the crypto industry. The failure to pass this bill could hinder more comprehensive regulatory changes in the digital currency space. The upcoming legislation promises to improve transparency and potentially lower interest rates by directing US Treasuries into stablecoin investments, addressing critical concerns within the sector.
"David and Bo are well meaning but they don't really have the juice in the Senate to get this thing done," one crypto industry insider told On The Money.
The stablecoin legislation could help funnel US Treasuries into these investments, leading to possibly lower interest rates, and bring about better disclosure of the stablecoins' backing.
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