Michaela
Coinbase CEO Brian Armstrong signaled that the U.S. Senate may soon revisit the GENIUS Act, a proposed bill aimed at regulating stablecoins, after it failed to gain enough support in an initial vote on May 8.
In a May 14 X post, Armstrong shared that nearly 60 cryptocurrency founders had traveled to Washington, DC, to advocate for the Senate’s consideration of the GENIUS Act, a market structure bill also progressing through the House of Representatives. Their presence emphasizes the growing involvement of the crypto community in shaping upcoming legislation.
Armstrong suggested that the Senate may hold another vote on the GENIUS Act “hopefully tomorrow,” signaling potential renewed momentum for the legislation. “It’s time to get stablecoin legislation passed to create clear rules for crypto in America,” Armstrong wrote.
The Coinbase CEO noted that while several details remain to be finalized, numerous influential leaders in the crypto sector continue to emphasize the critical importance of addressing this matter promptly.
“There’s 52 million Americans that want to see this legislation get passed. And we need to make sure the industry stays on shore here in America,” Armstrong stated.
Numerous Democratic lawmakers have raised objections to the legislation due to a provision that would allow former President Donald Trump to benefit financially from his digital assets, including the TRUMP meme coin and his family-associated firm, World Liberty Financial.
Republicans maintain a narrow majority in both the Senate and the House of Representatives, making bipartisan cooperation essential for the passage of key legislation, including the stablecoin and market structure bills.
Given the divided Congress, securing support from Democratic lawmakers will be crucial for these bills to advance, emphasizing the ongoing negotiations and compromises shaping the future of crypto regulation in the United States.
As the debate continues, all eyes remain on Capitol Hill to see how lawmakers will balance innovation with regulation in the rapidly evolving crypto landscape. The outcome could set a precedent for how digital assets are governed for years to come.
Read More
- Senate Advances GENIUS Act to Regulate Stablecoins Under New Rules
- Rep. French Hill Rejects Brian Armstrong Call for Stablecoin Interest
- Dark Stablecoins: A Defiant Answer to Tighter Rules?
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
