Coinbase CEO Brian Armstrong has called on Congress to progress the stablecoin and market structure bills. Key initiatives are ongoing, and there are concerns from Democrats.
Call to Action from Brian Armstrong
Brian Armstrong emphasized the need for immediate action from Congress to advance the stablecoin and market structure legislation in a recent post. He expressed hope that the bill could be passed by August 2025.
Legislative Initiatives on Stablecoins
Currently, there are two stablecoin bills in the White House: the STABLE Act and the GENIUS Act. The Financial Innovation and Technology for the 21st Century Act (FIT21) continues to be discussed, although it was rejected in May 2024. Armstrong welcomed Congress's efforts to create a consistent regulatory framework for cryptocurrencies.
Democrats' Concerns Over Legislation
Some Democrats have raised concerns regarding stablecoin legislation, particularly regarding anti-money laundering and national security safeguards. To advance the GENIUS Act, around 60 votes are needed, but nine Senate Democrats have opposed it.
In the current legislative landscape, Brian Armstrong underscores the importance of a careful approach to stablecoin regulation as it could significantly impact the development of the cryptocurrency market in the U.S.
