Coinbase’s Brian Armstrong Pushes GENIUS Act for Stablecoins, Warns of Crypto Risks
The post Coinbase’s Brian Armstrong Pushes GENIUS Act for Stablecoins, Warns of Crypto Risks appeared on BitcoinEthereumNews.com. Coinbase CEO Brian Armstrong is turning up the heat on Washington. In a clear and urgent call, he’s asking the U.S. Senate to pass the bipartisan GENIUS Act – a bill that could finally bring clear rules to the world of stablecoins. Why now? Armstrong says the clock is ticking. Without strong legislation, the U.S. risks falling behind as crypto innovation speeds ahead globally. But with the GENIUS Act, there’s a chance to boost growth, protect users, and give the industry the regulatory clarity it’s been begging for. So, what’s really in this bill? And why are some lawmakers hesitant to back it? Let’s break it down. Armstrong Calls for Senate Action on GENIUS Act In a recent post on X, Armstrong highlighted the importance of the GENIUS Act, stating, “We strongly support the Senate starting debate on the GENIUS Act – and we need 60 votes to get there.” 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 He’s urging both chambers of Congress to move quickly and pass comprehensive crypto legislation before the August recess. His appeal reflects a broader industry sentiment: regulation is needed – not to stifle growth, but to support it. What Exactly Is the GENIUS Act? The GENIUS Act proposes a national regulatory framework for stablecoins, one of the most critical components of the crypto ecosystem. Under the bill: Stablecoin issuers would need a national license All stablecoins must be fully backed 1:1 by U.S. dollars, insured bank deposits, or short-term U.S. Treasury securities A three-year transition period would…
The post Coinbase’s Brian Armstrong Pushes GENIUS Act for Stablecoins, Warns of Crypto Risks appeared on BitcoinEthereumNews.com.
Coinbase CEO Brian Armstrong is turning up the heat on Washington. In a clear and urgent call, he’s asking the U.S. Senate to pass the bipartisan GENIUS Act – a bill that could finally bring clear rules to the world of stablecoins. Why now? Armstrong says the clock is ticking. Without strong legislation, the U.S. risks falling behind as crypto innovation speeds ahead globally. But with the GENIUS Act, there’s a chance to boost growth, protect users, and give the industry the regulatory clarity it’s been begging for. So, what’s really in this bill? And why are some lawmakers hesitant to back it? Let’s break it down. Armstrong Calls for Senate Action on GENIUS Act In a recent post on X, Armstrong highlighted the importance of the GENIUS Act, stating, “We strongly support the Senate starting debate on the GENIUS Act – and we need 60 votes to get there.” 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 He’s urging both chambers of Congress to move quickly and pass comprehensive crypto legislation before the August recess. His appeal reflects a broader industry sentiment: regulation is needed – not to stifle growth, but to support it. What Exactly Is the GENIUS Act? The GENIUS Act proposes a national regulatory framework for stablecoins, one of the most critical components of the crypto ecosystem. Under the bill: Stablecoin issuers would need a national license All stablecoins must be fully backed 1:1 by U.S. dollars, insured bank deposits, or short-term U.S. Treasury securities A three-year transition period would…
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