Coinbase Faces Market Pressure as House GOP Stalls Crypto Legislation

House Republicans have stalled the advancement of the GENIUS Act, a pivotal piece of legislation aimed at providing regulatory clarity for stablecoins and the broader cryptocurrency market. The procedural vote failed with a 196–222 defeat, highlighting growing divisions within the GOP. Hardliners, including Rep. Marjorie Taylor Greene, opposed the bill due to its lack of a ban on central bank digital currencies (CBDCs). The immediate market reaction saw Circle's shares drop by 5% and Coinbase decline by 2%, reflecting investor concerns over regulatory uncertainty. This setback underscores the challenges facing crypto regulation in the U.S. and its impact on major industry players like Coinbase.

House GOP Stalls Crypto Legislation Amid CBDC Controversy

House Republicans failed to advance a procedural vote on the GENIUS Act, halting progress on landmark stablecoin regulation and broader crypto market clarity. The 196–222 defeat reflects deepening fissures within the GOP, with hardliners like Rep. Marjorie Taylor Greene opposing the bill over its lack of a central bank digital currency ban. Markets reacted immediately, with Circle's shares dropping 5% and Coinbase slipping 2%.

The legislative impasse comes despite strong Senate backing, where the GENIUS Act passed 68–30 in June. Discontent brewed among House Republicans who claimed exclusion from amendment discussions. "Americans don't want government-controlled CBDCs," Greene tweeted, criticizing Speaker Johnson for curtailing debate. The deadlock leaves the US without a federal framework for stablecoins as competitors like the EU advance their MiCA regulations.

Coinbase Wallet Evolves into Comprehensive 'Base App' Integrating Trading, Social, and Payments

Coinbase has reimagined its wallet service as an all-in-one platform dubbed the 'Base App,' merging trading, payments, social networking, and decentralized applications into a single interface. The app, currently in limited beta, enables users to manage assets, engage with communities, and earn yields—all onchain.

Key features include fee-free NFC tap-to-pay transactions, USDC rewards offering up to 4.1% APY, and real-time visibility into trending cryptocurrency trades. The integration of 'Base Account' and 'Paymaster' streamlines onchain identity management and USDC-powered checkouts.

Hundreds of mini-apps will populate the feed, creating an ecosystem where content creation and financial activity converge. 'We've rebuilt from the ground up to bring social and apps front and center,' Coinbase stated, signaling a strategic pivot toward unified crypto experiences.