Coinbase CEO Brian Armstrong urges U.S. lawmakers to move quickly and pass stablecoin and market structure legislation before Congress recesses in August. In a recent public statement, Armstrong emphasized that momentum from the revived FIT21 discussions in the House creates a critical window for progress.
“Both chambers need to act now if we hope to pass comprehensive legislation into law before August,” Armstrong declared.
FIT21 Sparks Renewed Push for Crypto Clarity
The Financial Innovation and Technology for the 21st Century Act (FIT21) seeks to establish a clear regulatory framework for digital assets, particularly regarding whether the SEC or CFTC should oversee cryptocurrencies.
Although the Biden administration rejected FIT21 in May 2024, House lawmakers have reignited interest by releasing a discussion draft of a new market structure bill that builds upon FIT21’s foundation. The proposed legislation aims to resolve key jurisdictional questions and lay out a clear path for digital asset regulation.
Senate Debates GENIUS Act as Stablecoin Market Soars
While the House focuses on broader market structure reforms, the Senate is currently reviewing the GENIUS Act, a bill designed to bring legal clarity to the $240+ billion stablecoin market led by Tether (USDT) and USD Coin (USDC).
The GENIUS Act requires at least 60 votes in the Senate to advance. Initially supported by lawmakers from both parties, the bill now faces resistance. Nine Senate Democrats recently withdrew support, citing concerns over insufficient anti-money laundering measures and national security safeguards.
Industry Leaders Expect Passage by Mid-2025
Despite the current legislative hurdles, some policymakers and crypto advocates remain optimistic. Dennis Porter, co-founder of the Satoshi Act Fund, and Senator Tim Scott, chairman of the U.S. Senate Banking Committee, both believe that comprehensive crypto laws—including stablecoin regulations—could be finalized by August 2025.
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Meanwhile, the White House is reviewing two key bills: the STABLE Act and the GENIUS Act. Of the two, the GENIUS Act is further along in the process.
On April 3, 2025, the STABLE Act passed a House Financial Services Committee vote (32–17) but still needs approval from the full House and Senate before becoming law.
Coinbase Poised to Benefit from Stablecoin Clarity
A recent Nansen report identifies Coinbase as a top potential beneficiary of stablecoin regulation. The company’s strong compliance track record and neutral position in ecosystem alliances make it well-positioned to thrive under new regulatory standards.
With regulatory uncertainty holding back institutional investment in digital assets, Armstrong and others in the industry believe that clear rules around stablecoins and crypto market structure could unlock billions in market potential—but only if lawmakers act in time.
