Brian Armstrong calls Senate to pass GENIUS Act
A group of Senate Democrats recently withdrew support
Coinbase CEO Brian Armstrong is calling on U.S. lawmakers to rally behind the GENIUS Act, a bipartisan effort to establish federal rules for stablecoins.
Armstrong emphasized that “Congress has a real opportunity this week” to pass stablecoin legislation—and that it will take 60 votes in the Senate to make that happen.
Key takeaways
- Brian Armstrong presses Senate to pass GENIUS Act, says 60 votes are needed.
- Democratic defections threaten progress, citing Trump family crypto ties.
- GENIUS Act aims to ensure 1:1 stablecoin backing and federal oversight.
- Coinbase, a16z among key industry backers urging swift Senate action.
GENIUS Act: Strengthening Stablecoin Oversight
In a public appeal posted Tuesday on X, Armstrong call to action comes as the legislation, once seen as a near-certainty, faces setbacks. A group of Senate Democrats recently withdrew support, citing concerns over cryptocurrency transactions linked to President Donald Trump and his family and potential risks to financial transparency and national security.
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The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act proposes a regulatory framework that would bring stablecoin issuers under the direct oversight of the Office of the Comptroller of the Currency (OCC). It mandates full reserves backed by U.S. dollars, insured deposits, or Treasury securities, and prohibits interest-yielding stablecoins. The legislation also includes a three-year grace period for digital asset firms to comply.
Supporters argue the bill would bolster consumer protection and help preserve the U.S. dollar’s dominance in digital finance. Venture capital firm Andreessen Horowitz (a16z) echoed Armstrong’s support, with Chris Dixon saying the bill “will protect consumers and increase transparency.”
Political gridlock puts path forward in question
Despite bipartisan sponsorship, the GENIUS Act now faces mounting resistance. Nine Senate Democrats, some of whom previously backed the bill, have raised concerns about the Trump-linked crypto firm World Liberty Financial’s $2 billion deal. Critics, including Senators Elizabeth Warren and Jeff Merkley, argue the legislation could enable political profiteering and weaken anti-money laundering safeguards.
Even Republican co-sponsors like Senator Cynthia Lummis expressed discomfort, highlighting the risks posed by the Trump family’s involvement in the sector. Senator Bill Hagerty emphasized that bipartisan unity is essential: “We need both sides to work together.”
The GENIUS Act represents a pivotal moment for U.S. crypto regulation. While industry leaders see it as a long-awaited step toward clarity and market stability, political disputes threaten its momentum. Whether the bill garners the required 60 votes remains uncertain.
We also wrote earlier that crypto market faces pressure as Senate stalls stablecoin bill.
