David Sacks says it could unlock huge demand for U.S. treasuries.
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00:00David Sachs, the crypto czar appointed by President Trump, says he expects the stablecoin legislation sitting in the Senate to pass with significant bipartisan support.
00:09Dubbed the Genius Act, Sachs also believes the new regulations could open up huge demand for U.S. treasuries.
00:15Speaking with CNBC, Sachs said,
00:17If we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our treasuries practically overnight very quickly.
00:26However, Democrats previously rejected the Genius Act because of concerns over Donald Trump's own crypto projects.
00:31Those include Trump-branded meme and stablecoins from his family's businesses.
00:35On the other end of the cryptocurrency spectrum, Bitcoin continues to rally, hitting a new high of more than $111,000 on May 22nd.
00:43That'll do it for your daily briefing. From New York City, I'm Kelsey Barbario with The Street.