Coinbase CEO Brian Armstrong is turning up the heat on Washington. In a clear and urgent call, he’s asking the U.S. Senate to pass the bipartisan GENIUS Act – a bill that could finally bring clear rules to the world of stablecoins.
Why now? Armstrong says the clock is ticking. Without strong legislation, the U.S. risks falling behind as crypto innovation speeds ahead globally. But with the GENIUS Act, there’s a chance to boost growth, protect users, and give the industry the regulatory clarity it’s been begging for.
So, what’s really in this bill? And why are some lawmakers hesitant to back it? Let’s break it down.
Armstrong Calls for Senate Action on GENIUS Act
In a recent post on X, Armstrong highlighted the importance of the GENIUS Act, stating, “We strongly support the Senate starting debate on the GENIUS Act – and we need 60 votes to get there.”
He’s urging both chambers of Congress to move quickly and pass comprehensive crypto legislation before the August recess. His appeal reflects a broader industry sentiment: regulation is needed – not to stifle growth, but to support it.
What Exactly Is the GENIUS Act?
The GENIUS Act proposes a national regulatory framework for stablecoins, one of the most critical components of the crypto ecosystem.
Under the bill:
- Stablecoin issuers would need a national license
- All stablecoins must be fully backed 1:1 by U.S. dollars, insured bank deposits, or short-term U.S. Treasury securities
- A three-year transition period would be provided for digital asset service providers to comply
The goal? Build consumer trust while giving businesses the stability they need to operate legally and confidently in the U.S.
Democrats Raise Concerns Over The Act
With initial bipartisan support, the GENIUS Act faces challenges as some Senate Democrats do not stand by the bill. Why? They cited worries over national security and the need for stronger provisions on anti-money laundering.
This resistance could stall momentum, despite growing calls from the crypto industry and regulatory reform advocates to act fast.
‘Most Important Crypto Bill in Years’ Says Gage Salicki
Crypto analyst Gage Salicki took to X and called the GENIUS Act “the most important U.S. crypto bill in years.” He praised its bipartisan nature and its potential to finally bring regulatory clarity to stablecoins, which currently operate in a largely grey area.
For an industry that’s been waiting on clear guidelines, Salicki’s words ring loud and clear: this bill could be a game-changer.
What’s Next? Will the GENIUS Act Become Law?
As the Senate shows interest in the GENIUS Act, the outcome will greatly influence the flow of stablecoin regulation in the United States. Armstrong’s advocacy highlights the crypto industry’s desire for clear and supportive regulatory conditions to drive growth and customer trust.
The crypto community, investors, and innovators alike are watching closely.
