CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino

crypto.news 2025-05-06 07:56:25

Coinbase CEO pushes congress to pass stablecoin bill before August

Coinbase CEO Brian Armstrong says congress needs to quickly advance its stablecoin and market structure bills amidst the FIT21 momentum, hoping to have both passed before August. In a recent post, the Coinbase CEO called for immediate action from congress in advancing its stablecoin and market structure draft legislations. He believes that the momentum built through the discussion surrounding FIT21’s momentum in the House will propel the bill further. FIT21 or Financial Innovation and Technology for the 21st Century Act is a bill in the United States that aims to clarify the regulatory framework for digital assets, particularly cryptocurrencies. It is meant to clarify whether the SEC or CFTC have jurisdiction over crypto. While it was rejected in May 2024 under the Biden administration, House lawmakers have recently revived it through the release of a discussion draft of a market structure bill, which is essentially a successor to FIT21, aiming to set clear boundaries for crypto. “We also welcome House efforts to build on FIT21’s momentum. Both chambers need to act now if we hope to pass comprehensive legislation into law before August,” said Armstrong in his post . 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 At the moment, the Senate is currently mulling over the GENIUS Act, a bill is designed to bring legal clarity to the stablecoin market that now accounts for more than $240 billion in market value, with heavyweights like Tether ( USDT ) and USD Coin ( USDC ) leading the charge. It needs at least 60 votes to advance to the next phase of legislation. You might also like: Founders Factory, Coinbase and more join forces to launch U.K. web3 accelerator Despite initially garnering bipartisan support, the bill recently received push-back from nine Senate Democrats who declared they would not support the landmark stablecoin bill, due to concerns regarding what they perceived as a lack of anti-money laundering and national security safeguards. Previously, major industry figures such as Satoshi Act Fund co-founder Dennis Porter and chairman of the US Senate Committee on Banking, Housing, and Urban Affairs Senator Tim Scott, have both predicted that crypto market legislations will be formalized into law by at least August 2025. So far, the White House has two stablecoin bills underway, the STABLE Act and the GENIUS Act, with the latter progressing further. On April 3, 2025, the STABLE Act passed through the House Financial Services Committee markup hearing by a vote of 32-17. However, it still needs to pass through the House of Representatives and then the Senate before it can become law. According to a Nansen report , Coinbase is one of the firms that will benefit most from the stablecoin regulations, as the company is already focused on compliance and is not attached to any strong ecosystems. Read more: Coinbase could be a big winner under STABLE Act: Nansen

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta