White House says cryptocurrency market structure is not enough to get borrowers hooked on the debt-clarification bill

Meanwhile, work on the GENIUS bill is still in progress.

However, last year's achievements in the field of cryptographic legislation - such as the signing into force of the United States National Innovation Code (the "GENIUS Law") and the establishment of a national innovation code ( stablecoin ) - remain at the heart of the implementation efforts by the Ministry of Finance and banking regulators. These agencies have been designated to be responsible for implementing this law.

Pettit, who helped draft the GENIUS bill during his time in the Senate, said that banking regulators and the Treasury Department are currently working on implementing rules for the act while also addressing an impending deadline set by the legislation.

"We're very clear on a number of timelines", Pettit said, adding that he believes the work is proceeding according to plan and can be completed in time.

Witt mentions that there are already a number of companies advertising themselves as "compliant with the GENIUS Act stablecoin ", but this compliance status did not exist before the official rules were introduced.

"However, it's very healthy to plan ahead and adjust your policies, processes and organizational structure in advance so that you can meet the requirements of GENIUS Law in the future". The White House adviser said. He also noted that once GENIus Law is fully implemented, stablecoin markets will form a 'double-track pattern': one category is token compliant with law enforcement requirements, while another category is non-compliant token , which ultimately depends on market preferences.

"My personal judgment is that the market is likely to favor projects that operate within a regulatory framework", White said. He added that with United States regulations in place last week, the Securities and Exchange Commission (SEC) has already started work on them.