President Trump’s crypto czar David Sacks and his sidekick Bo Hines are facing criticism from industry leaders after legislation for a key digital coin stalled on Capitol Hill. The bill, sponsored by GOP Sen. Bill Hagerty and Democratic Sen. Kirsten Gillibrand, aims to create stablecoins backed by real assets like US treasuries.
Without the passage of this bill, it’s difficult to push through broader regulation changes in the cryptocurrency industry. Stablecoins could help funnel US Treasuries into these investments, potentially leading to lower interest rates and better disclosure of backing.
The crypto council, established by Trump, promised to push pro-crypto legislation through Congress. However, its efforts have been met with resistance from Democrats, who initially supported but later backed out due to concerns over the White House’s involvement in the industry.
Industry insiders say that Sacks and Hines lack the necessary “juice” to pass the bill, citing two Republican senators’ opposition to the measure. Despite this, Hagerty remains hopeful that the legislation will come up for a vote soon, with possible passage by next week.
The stablecoin bill needs 60 votes to avoid a filibuster, making Democratic support crucial. Critics argue that the White House’s involvement in the industry could lead to conflicts of interest, particularly given Trump’s own cryptocurrency investments.
Source: https://nypost.com/2025/05/16/business/trumps-crypto-council-has-no-juice-as-it-stumbles-out-of-the-gate-on-key-capitol-hill-vote-sources