Coinbase-Backed GENIUS Act Faces Legislative Hurdles as Sen. Lummis Shares Challenges at Bitcoin 2025

U.S. Senator Cynthia Lummis (R-Wyo.) discussed the difficulties in advancing the GENIUS Act, a pivotal stablecoin bill, during a fireside chat at Bitcoin 2025 in Las Vegas. Despite recently clearing a critical 60-vote threshold in the Senate, Lummis admitted the process has been far more challenging than anticipated. This development highlights the ongoing regulatory struggles in the cryptocurrency space, with potential implications for exchanges like Coinbase that operate in the stablecoin market.

Sen. Lummis Highlights Challenges in Passing Stablecoin Bill at Bitcoin 2025

LAS VEGAS, Nevada — U.S. Senator Cynthia Lummis (R-Wyo.) revealed the arduous journey of advancing the GENIUS Act, a landmark stablecoin bill, during a fireside chat at Bitcoin 2025. "It has been extremely difficult," Lummis admitted, reflecting on the legislative hurdles. "I had no idea how hard this was going to be."

The Senate recently cleared a critical 60-vote threshold to advance the bill, marking a significant step toward final passage. Earlier attempts faltered amid bipartisan resistance, including opposition from crypto skeptic Sen. Elizabeth Warren (D-Mass.) and several Republicans.

Coinbase Faces Class-Action Lawsuit Over Subsidiary’s Regulatory Fine

Coinbase, the U.S.-based cryptocurrency exchange, is embroiled in a class-action lawsuit filed by investor Brady Nessler in the Eastern District Court of Pennsylvania. The suit alleges misleading public statements by Coinbase’s subsidiary, CB Payments Limited (CBPL), following a £3.5 million ($4.5 million) fine imposed by the U.K. Financial Conduct Authority.

The FCA penalty stemmed from CBPL’s provision of electronic money services to 13,416 high-risk customers. Investors who acquired Coinbase securities between April 2021 and May 2025 are included in the suit, which highlights growing regulatory scrutiny of crypto exchanges.