Coinbase CEO Brian Armstrong has called on U.S. legislators to pass stablecoin legislation, noting that there is a chance to do so before the August break.
In the latest post on X (previously Twitter), Armstrong urged the Senate to move forward with the GENIUS Act and continue the progress made by the FIT21 bill in the House.
He urged both chambers to act and pass adequate laws that would protect consumers and promote innovation in the digital asset industry.
The GENIUS Act has been proposed by Senator Bill Hagerty and it is designed to offer a safe and business-friendly legal framework for the stablecoins operating in the United States.
It has been supported by both parties and is viewed as a significant effort to create foundational federal guidance for stablecoins. This support from Armstrong shows that the industry wants to achieve legal certainty to encourage innovation and competition in the digital asset market.
While the debate goes on in Congress, the emphasis is placed on the opportunities for innovation and the need to protect consumers to keep the United States competitive in the global digital economy.
The outcome of these legislations will determine the future of stablecoins and their position in the financial system.
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