Brian Armstrong posted on X, welcoming the efforts of the House to create the FIT21 momentum.
Currently, the White House has two stablecoin bills in progress, the STABLE Act and the GENIUS Act. The chief executive officer of Coinbase, Brian Armstrong, has asserted that Congress needs to progress the Stablecoin and market structure bills. He also hopes to pass the bill before August 2025. The CEO requested immediate action from Congress through his recent post on the matter of progressing its Stablecoin and market structure draft legislations. According to him, the momentum created through the discussion around FIT21’s momentum in the House will move the bill further.
Talking about FIT 21, it is known as the Financial Innovation and Technology for the 21st Century Act. It is a bill in America focusing on clarifying the regulatory framework for virtual assets, mainly cryptocurrencies. It also clarifies whether the SEC or CFTC has jurisdiction over crypto. However, the bill was rejected in May 2024 under the Biden government; the policymakers of the House have taken it one more time by the release of a discussion draft of a market structure bill, targeting clear boundaries for crypto.
Democrats Concerned About Anti-Money Laundering
Today, Armstrong posted on X welcoming the efforts of the House to create the FIT21 momentum. Both chambers of the House are required to act now and hope to pass the legislation into law before August 2025. In the current scenario, the Senate is pondering over the GENIUS ACT, a bill focused on taking legal clarity to the stablecoin market that is estimated at $240 billion in market value, having heavyweights such as Tether and USD Coin being in the leadership.
To take the bill to the next phase of legislation, around 60 votes are necessary. Regardless of getting bipartisan support, the bill was countered by nine Senate Democrats. The Democrats said that they won’t back the landmark stablecoin bill concerning anti-money laundering and national security safeguards.
Currently, the White House has two stablecoin bills in progress, the STABLE Act and the GENIUS Act, having the latter advancing further.
Highlighted Crypto News Today:
Binance Partners with Kyrgyzstan to Build Crypto Payment Infrastructure.
