Bo Hines takes pride in crafting one of the leading crypto regulations in the US – the GENIUS Act. Speaking at a fireside chat at Token2049 in Singapore, he said that the process was phenomenal at the White House.
“The President has built a team that can actually move at tech speed in order to do this.” He said that the US was clearly lagging behind in regulations.
“We understand the need to move expeditiously, and I think that we acted on that,” said Bo, adding that it was tough for regulators, and they are still learning how these products actually work.
Bo Hines recently stepped down as executive director of the White House Crypto Council to join private sector. He later joined stablecoin giant Tether as a Strategic Advisor for it’s new stablecoin, USAT, designed for the US market and complies with the US GENIUS Act.
“Obviously, I am out of my government role now, I’d love to see the government set a standard in terms of what tech integration could look like,” Bo told Cody Carbone, CEO of the Digital Chamber, on Wednesday at the Singapore event.
GENIUS Act Was Critical: It Was the “First Piece of the Puzzle”
GENIUS Act, the stablecoin regulatory framework in the US, was passed within six months. Bo called it the “first piece of the puzzle.”
“In order to have a completely renovated and revolutionized economic state, we had to start by updating the payment rails that existed, many of which were archaic.”
He noted that there was a tremendous battle inside the system. There was a lot of conversations and healthy debates, he added.
“I think at the point, the US will be the powerhouse in this space. Again, they will reestablish themselves and become the crypto capital, just as David and the President had outlined at the beginning of the process.”
With regulations in place, banks would slowly integrate these technologies, Bo said. “Tech integrations are very simple, so banks are starting to figure it out.”
America Wanted to Create the “Most Fair and Robust” Crypto Report: Bo Hines
The White House has been working on the crypto report simultaneously with legislative priorities. The goal was to create “the most fair and robust standard that has ever been set from a government perspective,” Bo told Cody Carbone.
“And how we did this is we set up an internal working group inside of the government, which included the SEC, CFTC treasury, commerce, all of the bank regulators, and we’d sit down with them on a weekly basis, saying that, let’s evaluate what the standard should be here, let’s talk about what market structure actually needs to include.”
Currently, Patrick Woody is replacing Bo Hines in the White House as the executive director of the Council. “He’s working with the same folks that obviously helped build this comprehensive report,” Bo added.
Talking about Tether’s new stablecoin USAT, he called it a “game changer.”
“It’ll make business more expeditious, and that’s one thing that we’re working on over the course of the next couple of months. Is who our partner is going to be, who we want to collaborate with.”
Bo believes that USAT will become an institutional product in the US, not only on the retail side. “We look forward to rolling out this product, and we hope that everyone engages with it.”
The post Bo Hines Sheds Light on GENIUS Stablecoin Project, Calls it “First Piece of the Puzzle” appeared first on Cryptonews.
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