President Trump’s crypto council, led by David Sacks and Bo Hines, is facing criticism as stablecoin legislation stalls in Congress. The council, officially known as the Presidential Council of Advisers for Digital Assets, aims to push pro-crypto legislation through Congress. However, procedural votes have delayed progress due to opposition from some Republicans and Democrats.
The GENIUS Act, which seeks to regulate stablecoins, requires 60 votes to avoid a filibuster, necessitating Democratic support. Opposition has arisen over concerns about potential presidential profiteering from crypto and the backing of assets for stablecoins like Tether.
Despite setbacks, Bo Hines denies claims of inefficiency, blaming recalcitrant Democrats. GOP Senator Bill Hagerty, the bill’s sponsor, continues efforts to secure enough votes for a Senate floor vote. The White House remains involved in negotiations, aiming to pass the legislation before other priorities overshadow it.
— new from New York Post
