Coinbase CEO Brian Armstrong is ramping up pressure on lawmakers in Washington, making a strong and urgent plea for the U.S. Senate to pass the bipartisan GENIUS Act—a bill designed to finally establish clear regulations for stablecoins.
Why the urgency? Armstrong warns that time is running out. Without firm legislation, the U.S. risks falling behind as crypto innovation surges worldwide. He believes the GENIUS Act offers a chance to fuel growth, safeguard users, and provide long-awaited regulatory clarity for the crypto space.
So, what’s inside this bill, and why are some lawmakers hesitant? Let’s unpack it.
Armstrong Pushes for Senate Approval
In a recent post on X, Armstrong underscored the GENIUS Act’s significance, writing, “We strongly support the Senate moving forward with debate on the GENIUS Act—we need 60 votes to make it happen.”
He’s calling on both chambers of Congress to fast-track the bill ahead of the August recess, reflecting a broader industry view: regulation isn’t a barrier to growth—it’s the foundation for it.
What Does the GENIUS Act Propose?
The GENIUS Act lays out a national framework for regulating stablecoins, a key part of the crypto ecosystem. Key points include:
-
Requiring stablecoin issuers to obtain a national license
-
Mandating that all stablecoins be 100% backed by U.S. dollars, insured deposits, or short-term U.S. Treasuries
-
Allowing a three-year transition window for digital asset firms to fully comply
The bill’s aim? Build consumer trust while giving businesses the legal certainty they need to operate confidently within the U.S.
Democrats Voice Concerns
While the GENIUS Act initially garnered bipartisan support, it’s facing pushback from some Senate Democrats. Their main concerns center around national security and the need for stronger anti-money laundering measures.
This resistance threatens to slow progress, even as crypto advocates and reform supporters push for urgent action.
‘Biggest Crypto Bill in Years,’ Says Analyst
Crypto analyst Gage Salicki described the GENIUS Act on X as “the most important U.S. crypto bill in years,” praising its bipartisan backing and potential to deliver long-needed regulatory clarity for stablecoins, which remain in a murky legal landscape.
For a sector craving clear rules, Salicki’s assessment underscores the bill’s significance.
What’s Next?
As the Senate considers the GENIUS Act, its fate will shape the future of stablecoin regulation in the U.S. Armstrong’s campaign spotlights the crypto industry’s call for solid, supportive regulations that can fuel growth and build public trust.
The crypto world—investors, developers, and policy watchers alike—will be paying close attention.
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…
— Brian Armstrong (@brian_armstrong) May 6, 2025
