Key Notes
- Coinbase CEO asks lawmakers to pass the GENIUS Act.
- The GENIUS Act is meant to regulate stablecoins.
- Armstrong has requested that lawmakers build on FIT21’s momentum.
The CEO of a cryptocurrency exchange Coinbase has called on the Senate to accept the GENIUS Act. Using his X account, Brian Armstrong disclosed that he supported the “Senate starting debate on the GENIUS Act”.
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
Armstrong added via X that the House should build on the FIT21 framework to allow the Act “pass comprehensive stablecoin legislation”. The CEO wants both chambers to support the passing of laws that would protect customers and allow the growth of innovation in the US crypto ecosystem.
Armstrong is known for his stance on regulatory clarity, as he believes that the government should disclose the rules that crypto firms should follow in the country. In 2023, the Coinbase CEO disclosed that the government seemed to favour threatening enforcement actions, instead of creating clear rules to be followed.
The GENIUS Act
On March 18, the Senate Banking Committee announced progress on a bill called the GENIUS Act of 2025 (S. 919), which aims to set rules for US stablecoins. The aim of the bill is to create stablecoin regulations in the US.
If passed by the Senate, the GENIUS Act would require stablecoin issuers to keep one dollar in safe assets for every stablecoin they issue. These assets could include cash, insured bank deposits, Treasury bills, and other government-approved investments. Stablecoin issuers would be allowed to only use these reserves for limited purposes, like redeeming coins or as collateral.
The Act is expected to list out rules on capital, liquidity, and risk, butit won’t be held to the same standards as traditional banks. Issuers must disclose how stablecoins can be redeemed and provide regular reports verified by accountants. The bill gives both federal and state regulators the power to oversee stablecoin issuers and create rules.
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Rose is a crypto content writer with a strong background in finance and tech. She simplifies complex blockchain and cryptocurrency topics, offering insightful articles and market analysis to help readers navigate the evolving crypto landscape.
