CEO of Coinbase, Brian Armstrong, said that the congress must quickly advance its stable structure and structure invoices in the middle of the Fit21 momentum, hoping to have been adopted before August.
In a recent article, the CEO of Coinbase called for immediate actions in the Congress to advance its draft legislation of the structure of the stable and the structure of the market. He thinks that the momentum built through the discussion surrounding the momentum of Fit21 in the house will propel the bill.
FIT21 or innovation and financial technology for 21st century law is a bill in the United States which aims to clarify the regulatory framework for digital assets, in particular cryptocurrencies. It is intended to clarify if the dry or the CFTC has competence on the crypto.
Although it was rejected in May 2024 under the Biden administration, the legislators of the Chamber recently rekindled it thanks to the publication of a discussion project on a bill on the structure of the market, which is essentially a successor of FIT21, aimed at setting clear limits for the crypto.
“We also welcome the efforts of the Chamber to rely on the momentum of Fit21. The two chambers must now act if we hope to adopt complete law in law before August,” said Armstrong in his post.
Currently, the Senate is currently thinking about the Act on Engineering, a bill is designed to provide legal clarity on the Stablescoin market which now represents more than $ 240 billion in market value, with heavy goods vehicles like Tether (USDT) and USD Coin (USDC) leading. He needs at least 60 votes to go to the next legislation phase.
Despite the initial bipartisan support, the bill recently received a restraint from nine Senate Democrats who declared that they would not support the Stablecoin bill, due to concerns concerning what they received as a lack of anti-whiteness guarantees and national security guarantees.
Previously, the main figures in the industry such as the co -founder of the Satoshi Act Fund, Dennis Porter and President of the Senate of the Senate, the Senator Banking, Housing and Urban Affairs, Tim Scott, both predicted that the legislation of the cryptographic market will be formalized at least in August 2025.
Until now, the White House has two current stable bills, the stable act and the engineering law, the latter further progressing.
On April 3, 2025, the stable law was adopted by the audience for the marking of the Chamber’s financial services committee by a 32-17 vote. However, he still has to go through the House of Representatives, then the Senate before being able to become law.
According to a Nansen report, Coinbase is one of the companies that will benefit most from Stablecoin’s regulations, because the company is already focused on compliance and is not attached to any solid ecosystem.
