Coinbase CEO Brian Armstrong has called on Congress to expedite the passage of the stablecoin bill amid ongoing discussions on new regulatory norms.
Discussion of the FIT21 Bill
The Financial Innovation and Technology for the 21st Century Act (FIT21) aims to establish clear regulatory guidelines for digital assets. It clarifies the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating the cryptocurrency market. The bill was revived in June 2024 after initial rejection.
The Importance of Crypto Regulation
Armstrong stressed the urgency of passing legislation, stating, “We also 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.” This sentiment is echoed by other key industry figures predicting that crypto regulation will be formalized by August 2025.
Coinbase's Expansion of Offerings
Coinbase continues to expand its offerings by launching the Bitcoin Yield Fund, set to be available on May 1, 2025. The fund targets institutional investors and promises annual yields ranging from 4% to 8%. It will be offered exclusively to non-U.S. investors.
Regulation of cryptocurrencies remains an important topic, and the push for action from key industry players may accelerate the process of establishing clear rules for digital assets.
