Will Congress Save Crypto by August? Coinbase CEO Dramatically Demands Action

by

If urgency were a fine wine, Mr. Armstrong is presently quaffing a rather boisterous vintage. The Coinbase CEO, ever the Cassandra of Capitol Hill, has implored Congress—those titans of somnolent debate—to advance the stablecoin and market structure bills posthaste, all before the august arrival of, well, August. FIT21, the bill with a name so memorably bureaucratic it practically begs to be forgotten, is supposedly riding a wave of momentum. One suspects, however, that US Congress rides nothing so swiftly as a taxpayer-funded sedan to the nearest recess.

In a recent cri de coeur—one can only assume quill in hand and brow dramatically furrowed—Armstrong urged lawmakers to quicken their legislative shuffle. The frenetic energy, he claimed, spun up by FIT21’s recent House discussions might propel crypto laws over the finish line, just in time for everyone to vanish on holiday. One almost imagines the bill, clad in high Victorian collars, racing desperately down the marbled halls of the Capitol, pursued by senators wielding amendments like parasols.

For those who find legislative acronyms thrilling, FIT21 (Financial Innovation and Technology for the 21st Century Act) seeks to resolve the great melodrama of our age: does the SEC or CFTC preside over crypto? A matter, one imagines, that would have Oscar himself reaching for a second glass of absinthe.

Rejected by the Biden administration as casually as one might decline yet another invitation to tea, the bill has been revived, Frankenstein-style, by House lawmakers. The new market structure bill, a spiritual sequel to FIT21, dreams of drawing neat little chalk outlines around the ever-amorphous world of cryptocurrency.

“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,” Armstrong declaimed, likely clutching a digital ledger to his breast for effect.

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

Meanwhile, in the other chamber of this grand operatic affair, the Senate is entertaining the GENIUS Act. Not content with mere wit, Congress now seeks to legislate genius itself. This bill, promising clarity for a $240 billion stablecoin market—where Tether and USD Coin waltz like debutantes at a ball—requires 60 senators to display something resembling resolve. A big ask. 😏

Bipartisan support had briefly alighted before flitting away at the merest hint of controversy. Nine Senate Democrats, overcome with a sudden moral fortitude, declared steadfast opposition citing insufficient anti-money laundering and national security provisions. A refreshing change from the usual congressional concerns—namely, lunch.

Satoshi Act Fund co-founder Dennis Porter and Senator Tim Scott, ever the soothsayers, have already peered into the regulatory crystal ball and predicted that crypto laws will don their legal crinolines by August 2025. Tick-tock, gentlemen.

The White House, never to be outdone in acronym proliferation, is currently juggling the STABLE Act and GENIUS Act—yes, this is reality, not a Punch and Judy show. The STABLE Act tiptoed through the House Financial Services Committee on April 3, 2025 by a delightful 32-17 vote, but must still endure the legislative meatgrinder. 🍖

Nansen’s report slyly observes that Coinbase stands to benefit handsomely from regulations, owing to its keen affection for compliance and propensity to flirt equally with all crypto suitors.

Read More

2025-05-06 11:21