Senator Bill Hagerty hailed passage of the GENIUS Act as cementing U.S. leadership in crypto and boosting demand for Treasuries

Quotes that support claims

"With this bill the United States is one step closer to becoming the global leader in crypto," Hagerty said Tuesday. "The GENIUS Act establishes a pro-growth regulatory framework for payment stablecoins. This bill will cement U.S. dollar dominance, it will protect customers, it will drive demand for U.S. Treasurys."

“A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins,” U.S. Treasury Secretary Scott Bessent said Tuesday afternoon. “This newfound demand could lower government borrowing costs and help rein in the national debt.