Coinbase CEO Advocates for Senate Debate on GENIUS Act
The CEO of Coinbase, Brian Armstrong, has urged the Senate to discuss the GENIUS Act, which aims to establish regulations for US stablecoins. He expressed support for advancing legislation during a congressional session.
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
Armstrong advocates for comprehensive stablecoin legislation that protects customers and fosters innovation in the US crypto space. He emphasizes the need for regulatory clarity, criticizing the government for its enforcement-focused approach instead of establishing clear guidelines.
The GENIUS Act
- The GENIUS Act of 2025 (S. 919) was announced by the Senate Banking Committee on March 18.
- The bill mandates stablecoin issuers to hold one dollar in safe assets for each stablecoin issued.
- Allowed assets include cash, insured bank deposits, Treasury bills, and other approved investments.
- Issuers can only use reserves for limited purposes, such as redeeming coins or collateral.
- The Act outlines rules on capital, liquidity, and risk but does not impose traditional banking standards.
- It requires issuers to disclose redemption processes and submit regular accountant-verified reports.
- Federal and state regulators will oversee stablecoin issuers and enforce compliance rules.