Coinbase CEO Brian Armstrong Renews Calls for Legislative Action as the GENIUS Act Moves Closer to Senate Debate

The bipartisan bill aims to establish a national framework for stablecoin regulation, offering clear standards for issuers and market participants.

Coinbase CEO Brian Armstrong has renewed calls for legislative action as the GENIUS Act moves closer to Senate debate. The bipartisan bill aims to establish a national framework for stablecoin regulation, offering clear standards for issuers and market participants.

"Congress has a real opportunity this week to advance stablecoin & market structure legislation. We strongly support the Senate starting debate on the GENIUS Act - and we need 60 votes to get there. We also welcome House efforts to build on FIT21’s momentum. Both chambers need to work together to get this done," Armstrong stated in a recent post.

The GENIUS Act would require stablecoin issuers to hold a national license and back all tokens 1:1 with U.S. dollars or equivalents such as insured bank deposits or short-term Treasury securities. A three-year transition period would be granted for service providers to comply fully with the new framework. The bill is critical in regulating the digital dollar while enhancing consumer protection and business compliance.

However, Democratic opposition could delay the act's progress. Despite bipartisan origins, some Senate Democrats have raised concerns.

These concerns include potential national security risks posed by crypto and the need for stronger anti-money laundering provisions.

Their opposition could stall the bill's momentum as it requires 60 votes in the Senate to begin formal debate.

The hesitation also reflects broader tensions around crypto legislation, with lawmakers juggling innovation with regulatory safeguards. While the crypto industry broadly supports the act, divisions in Congress could delay progress unless compromises are reached. The outcome will shape the direction of future legislation aimed at digital assets.

The GENIUS Act has drawn support from industry leaders and analysts who argue that stablecoin regulation is long overdue.

Crypto analyst Gage Salicki described the legislation as one of the most significant regulatory efforts in recent times, noting that it could bring much-needed structure to a largely unregulated space.

"The industry has been calling for a federal stablecoin bill and lawmakers are finally making progress. Hopefully, the House can pass a complementary bill and we can get both chambers to agree on a final bill this year," Salicki added.

Armstrong's comments align with broader sentiment across the digital asset sector, which has repeatedly requested a federal regulatory pathway.

The lack of uniform guidance has led to operational uncertainty and regulatory fragmentation across different states.

The GENIUS Act aims to solve these issues by creating a unified, enforceable federal standard for stablecoin issuers. In doing so, it would provide clear obligations and rights for participants operating in the U.S. digital asset ecosystem.