Bo Hines, Executive Director of the President's Council of Advisers on Digital Assets, predicts significant growth in digital asset value following the legalization of the GENIUS Act.
Prediction of Digital Asset Growth
In a recent interview, Bo Hines noted that the digital asset value could rise by $15 to $20 trillion. He stated, "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 [trillion] to $20 trillion dollars."
Impact of the Stablecoin Bill
Hines also emphasized that the stablecoin bill awaiting a vote from the House of Representatives could significantly change the cryptocurrency market. He mentioned, "If you want to access U.S. capital markets, you're going to have to use a dollar-backed stable."
Support for GENIUS Act in the U.S. Senate
The Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS Act, recently received a green light from the U.S. Senate with a majority vote of 68 to 30. The bill is now awaiting a vote from the House of Representatives and is set to advance by the end of July.
According to Hines' statements, the adoption of the GENIUS Act could have a significant impact on the digital asset market and reinforce the U.S. position as a global leader in financial technology.
