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Coinbase CEO Urges Swift Action on Crypto Bills as August Deadline Nears
By: cryptosheadlines|2025/05/07 14:00:07
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Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Coinbase’s CEO emphasized immediate congressional action to pass stablecoin and crypto market laws before the August 2025 recess.The Senate is reviewing the GENIUS Act while the House advances a successor to the previously rejected FIT21 legislation.Recent bipartisan momentum faces new opposition, with Senate Democrats citing national security and AML concerns in stablecoin debates.Coinbase CEO Brian Armstrong has urged Congress to fast-track two key cryptocurrency bills, one on stablecoins and another on market structure, before the legislative recess in August 2025. His call follows the revived momentum surrounding the FIT21 discussion draft circulating in the House.Through FIT21, the Financial Innovation and Technology for the 21st Century Act, the SEC and CFTC would gain enhanced clarity regarding their overlapping enforcement areas. Revisions to FIT21 were introduced in Congress after the Biden administration first dismissed the bill in May 2024. The new market structure bill outlines institutional boundaries for cryptocurrency oversight between regulators.Senate Focuses on GENIUS ActWhile the House works on the new market structure framework, the Senate is evaluating the GENIUS Act, a stablecoin bill requiring 60 votes to move forward. This legislation targets regulatory clarity for the stablecoin sector, which has grown to over $240 billion in market value. Stablecoins such as Tether and USD Coin are at the center of the debate.The GENIUS Act originally received bipartisan endorsement but nine Senate Democrats recently decided to revoke their support. The Democrats highlighted their opposition to the bill because it does not include enough regulation for anti-money laundering (AML) operations or national security protections. Industry pressure will face strong resistance that might prevent the bill from progressing.Parallel Action on STABLE ActMeanwhile, the House Financial Services Committee has advanced the STABLE Act with a 32-17 vote. However, the bill still requires full House and Senate approval to be enacted. Both the STABLE and GENIUS Acts aim to regulate stablecoins but differ in scope and progress.According to recent data from Nansen, Coinbase stands to benefit from the passage of stablecoin regulations due to its focus on compliance and lack of deep ecosystem entanglements. Armstrong has framed the moment as critical, stating that both chambers must act soon to ensure legal certainty for the U.S. crypto industry.Source link
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