Coinbase CEO Urges Congress to Act on Crypto Legislation
Coinbase CEO Brian Armstrong is calling for swift action from Congress on stablecoin and market structure bills. He believes that teh momentum from the FIT21 discussion can help push these bills forward.
FIT21, or the Financial Innovation and Technology for the 21st Century Act, aims to clarify the regulatory framework for digital assets. It seeks to determine whether the SEC or CFTC has jurisdiction over cryptocurrencies. Even though rejected in May 2024, lawmakers have revived it wiht a new market structure bill.
Armstrong stated, “We welcome House efforts to build on FIT21’s momentum. Both chambers need to act now if we hope to pass comprehensive legislation into law before August.”
The Senate is currently considering the GENIUS Act,which aims to bring legal clarity to the stablecoin market,now valued at over $240 billion. However, it needs 60 votes to advance. nine Senate Democrats have expressed concerns about anti-money laundering and national security safeguards.
Industry figures like Dennis porter and senator Tim Scott predict that crypto market legislation will be formalized by august 2025. The White House has two stablecoin bills underway: the STABLE Act and the GENIUS Act. The STABLE Act passed the House Financial Services Commitee but still needs approval from the House and Senate.
According to a Nansen report, Coinbase stands to benefit from stablecoin regulations due to its focus on compliance. The company is not tied to any strong ecosystems, making it well-positioned for the changes.
