Momentum is gaining traction in Washington as landmark legislation on crypto and stablecoins moves closer to being passed by lawmakers, potentially leading to a transformation of U.S. digital asset regulation by August.
Coinbase Urges Congress to Finalize Crypto and Stablecoin Regulations Ahead of August Deadline
A call was made by Coinbase CEO Brian Armstrong on Tuesday, urging U.S. lawmakers to advance key cryptocurrency legislation and to engage in bipartisan efforts to establish comprehensive regulations before the August recess. In a post on social media platform X, strong support was expressed by Armstrong for the Senate’s review of the GENIUS Act, highlighting its potential to bring clarity to the regulatory framework surrounding stablecoins and digital asset markets.
The Coinbase chief executive stated:
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.
His comments have brought attention to ongoing legislative initiatives that may significantly alter the regulatory approach to crypto assets throughout the United States. The Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS Act of 2025) has been designed to establish federal oversight for stablecoin issuers and custodians, while also incorporating provisions for consumer protection and defining the interaction between digital asset markets and traditional financial institutions. In March, the GENIUS Act was approved for advancement by the Senate Committee on Banking, Housing, and Urban Affairs.
Alongside encouraging action in the Senate, Armstrong also commended recent advancements in the U.S. House of Representatives, stating, “We also welcome House efforts to build on FIT21’s momentum.” The Financial Innovation and Technology for the 21st Century Act (FIT21), which has progressed through various committee stages, is intended to define the respective regulatory responsibilities of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) concerning digital asset oversight.
Armstrong stressed the urgency of collaboration between both chambers:
Both chambers need to act now if we hope to pass comprehensive legislation into law before August.
His statement underscores the growing pressure from the crypto industry on legislators to establish a well-defined regulatory framework, especially as enforcement actions continue and regulatory uncertainty persists. Although certain policy critics remain cautious about easing restrictions, proponents contend that these legislative efforts offer much-needed clarity and formal recognition to the digital asset sector.
