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Coinbase CEO Urges GENIUS Reforms As Congress Debates Stablecoin Regulation

As Congress navigates stablecoin regulation, the Coinbase CEO urges for swift action and revision in legislation of GENIUS & STABLE Acts.
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Coinbase CEO Urges GENIUS Reforms As Congress Debates Stablecoin Regulation

Highlights

  • Coinbase CEO urges for revision in GENIUS and STABLE Acts.
  • Brian Armstrong says that the current provisions restrict stablecoin issuers from paying interest to users.
  • The CEO is pushing for swift passage of stablecoin legislation in the U.S.

Amidst increasing debate over stablecoin regulation in the United States, Coinbase CEO Brian Armstrong is calling for key reforms to the proposed GENIUS Act. Reportedly, he argues that the current legislation unfairly restricts stablecoin issuers from paying interest to users and stifle innovation in the crypto space. As Congress is currently navigating the complex landscape of stablecoin regulation, Armstrong’s statements underscore the growing tensions in the crypto space.

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Stablecoin Regulation: Coinbase CEO Urges for GENIUS Act Reform

In the latest development within the stablecoin space, Brian Armstrong, the Chief Executive Officer of Coinbase, a prominent crypto exchange, is urging for regulatory revisions. Highlighting the current unfair legislation, he demands Senate discussion on the GENIUS Act. In addition, he is also proposing revisions for the House’s STABLE Act.

In a recent X post, the Coinbase CEO wrote, “Congress has a real opportunity this week to advance stablecoin and market structure legislation.” According to him, the current provisions of both the GENIUS Act and the STABLE Act prohibit stablecoin issuers from paying interest to users.

This development comes on the heels of Coinbase’s amicus brief filing to end IRS crypto surveillance.

Brian Armstrong Calls for Swift Action

Notably, Brian Armstrong is pushing for swift passage of stablecoin legislation in the U.S., with a potential window of opportunity before the August break. He called on lawmakers in both the House and Senate to take action and enact legislation that balances consumer protection with innovation in the digital asset sector. He posited,

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 to act now if we hope to pass comprehensive legislation into law before August.

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Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape. Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master's degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet. Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn

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