David Sacks Endorses Genius Act Stablecoin Bill — Says It Boosts Consumer Protection and U.S. Dollar Dominance

HKAN | June 18

Prominent tech entrepreneur and investor David Sacks has publicly endorsed the recently introduced Genius Act, calling it a major step forward for U.S. stablecoin regulation, consumer protection, and the global dominance of the U.S. dollar in the digital age.

 

The Genius Act aims to create a clear legal framework for dollar-backed stablecoins, while ensuring that these assets remain safe, transparent, and competitive with global alternatives.

 

 

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What Is the Genius Act?

 

The Genius Act is a bipartisan stablecoin bill introduced in Congress that proposes:

 

Federal licensing for USD-backed stablecoin issuers

 

1:1 backing with high-quality liquid assets

 

Real-time audit requirements and consumer safeguards

 

A path for regulated innovation in the digital payments space

 

 

The bill is gaining attention for offering both regulatory clarity and support for crypto-backed dollar innovation.

 

 

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David Sacks: A Vote of Confidence

 

David Sacks, a key figure in Silicon Valley and early investor in PayPal and tech startups, praised the Genius Act as a policy that:

 

> “Enhances consumer protection, unlocks innovation, and strengthens the dollar’s position globally.”

 

 

 

He emphasized the importance of U.S. leadership in fintech and warned that inaction could lead to other countries — like China — setting the rules for digital currency markets.

 

 

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Why It Matters

 

Stablecoins represent over $160 billion in value today and are essential to crypto markets

 

The U.S. has lagged in regulatory clarity, leading some stablecoin firms to move overseas

 

The Genius Act could bring stablecoin innovation back under U.S. oversight, boosting both safety and influence

 

 

 

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Industry Reaction

 

Many in the crypto space have welcomed the Genius Act as a balanced approach to regulation, applauding the focus on innovation and protection instead of overregulation.

 

Analysts say the bill could cement the U.S. dollar’s role in the future of digital payments, especially in competition with CBDCs and foreign-backed stablecoins.

 

 

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Final Thoughts

 

With the Genius Act gaining bipartisan support and influential backers like David Sacks, the U.S. may finally be on the path to creating a safe and competitive stablecoin ecosystem — one that protects consumers and extends American leadership in global finance.