Coinbase CEO Brian Armstrong Calls on U.S. Legislators to Pass Stablecoin Legislation

Coinbase (NASDAQ:COIN) CEO Brian Armstrong on Wednesday called on U.S. legislators to pass stablecoin legislation, noting that there is a chance to do so before the August break.

What Happened: In the latest post on X (formerly Twitter), Armstrong urged the Senate to move forward with the GENIUS Act and continue the progress made by the Financial Innovation and Technology ("FinTech") bill in the House.

"Congress has a REAL opportunity this week to advance stablecoin and 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 act and pass strong legislation that will protect consumers and promote innovation in the digital asset industry.

suggest joining me in tagging members of Congress and urging them to pass #stablecoin legislation this week!

It's crucial to get this done before August recess."

Congress began discussing legislation for regulating stablecoins in 2023. The bipartisan support for the GENIUS Act, stands as a key initiative.

The legislation aims to provide a clear regulatory pathway for stablecoins, taking into account aspects like risk management, capital requirements, and consumer protection.

It is also designed to offer a safe and business-friendly legal framework for the stablecoins operating in the United States.

Earlier this year, the House Financial Services Committee approved the FIT21 bill, which includes provisions for regulating stablecoins and placing the supervision of large digital asset firms like Coinbase and Paxos with the Securities and Exchange Commission.

Why It's Important: The GENIUS Act has been proposed by Senator Bill Hagerty and it is designed to offer a safe and business-friendly legal framework for the stablecoins operating in the United States. It has been seen as a significant effort to create foundational federal guidance for stablecoins.

This support from Armstrong shows that the industry wants to achieve legal certainty to encourage innovation and competition in the digital asset market.

While the debate continues in Congress, the emphasis is placed on the opportunities for innovation and the need to protect consumers to keep the United States competitive in the global digital economy.

The outcome of these legislations will determine the future of stablecoins and their position in the financial system.

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