Coinbase Global Inc. COIN CEO Brian Armstrong Celebrated a Significant Milestone for Cryptocurrency Regulation

input: Coinbase Global Inc. COIN CEO Brian Armstrong celebrated a significant milestone for cryptocurrency regulation after the GENIUS Act cleared its first major procedural hurdle

Coinbase Global Inc.'s (NASDAQ:COIN) CEO Brian Armstrong celebrated a significant step forward for cryptocurrency legislation as the GENIUS Act cleared its first major procedural hurdle in the Senate with bipartisan support.

What Happened: Armstrong described the advancement as "a huge win for crypto and the future of onchain innovation in America" after Coinbase Chief Policy Officer Faryar Shirzad announced that 16 Democrats joined Republicans to pass an early procedural vote.

“Crypto is again showing that it’s the biggest bipartisan issue in play on the Hill.” Shizad noted in his social media post, thanking several senators for their efforts.

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, introduced by Sen. Bill Hagerty (R-TN), would provide a comprehensive regulatory framework for payment stablecoins – digital assets pegged to traditional currencies like the U.S. dollar.

The bill sets forth operational standards, consumer protections, and compliance with existing financial laws, including the Bank Secrecy Act.

However, the progress comes amid some tension, with several Senate Democrats who previously supported the bill in committee unexpectedly withdrawing their support.

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Why It Matters: The $200 billion stablecoin market currently exists in a regulatory gray area, with those in the industry arguing that a federal framework is crucial for U.S. competitiveness in financial innovation.

The legislation has also become increasingly politicized due to President Donald Trump’s cryptocurrency ventures, including World Liberty Financial’s planned stablecoin. Sen. Elizabeth Warren (D-Mass.) has criticized the bill for potentially enabling political corruption, highlighting concerns about elected officials’ involvement in stablecoin businesses.

Coinbase executives have stressed the importance of moving forward with the legislation.

“The Senate should start debating and stop politicking - immediately. American voters will remember if this unique opportunity to act is wasted.” said Coinbase Chief Legal Officer Paul Grewal.

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