David Sacks calls Senate approval of GENIUS Act a win for crypto community

White House A.I. and crypto advisor David Sacks described the U.S. Senate’s passage of the GENIUS Act as a “big win” for the crypto industry during an interview with Fox News. The bill would impose licensing requirements on stablecoin issuers, mandate 100% reserves and require annual audits for issuers with a market cap of $50 billion or more. It also includes regulations for foreign issuers. The legislation now heads to the House of Representatives before potentially reaching President Donald Trump’s desk for signature.