Coinbase CEO to DC: ’Stop Dragging Feet on Stablecoin Rules—Crypto Won’t Wait’

Brian Armstrong throws down the gauntlet as regulators slow-walk clarity for dollar-pegged tokens. ’The train’s leaving the station—with or without you,’ warns the crypto boss.

Behind the urgency: Stablecoins now handle more daily volume than Visa in some corridors—but remain stuck in regulatory purgatory. Meanwhile, offshore issuers (read: Tether) keep eating Uncle Sam’s lunch.

The kicker? This isn’t just about crypto. The FDIC’s asleep at the wheel while private money goes global. Tick-tock, Washington.

The GENIUS Act

On March 18, the Senate Banking Committee announced progress on a bill called the GENIUS Act of 2025 (S. 919), which aims to set rules for US stablecoins. The aim of the bill is to create stablecoin regulations in the US.

If passed by the Senate, the GENIUS Act would require stablecoin issuers to keep one dollar in SAFE assets for every stablecoin they issue. These assets could include cash, insured bank deposits, Treasury bills, and other government-approved investments. Stablecoin issuers would be allowed to only use these reserves for limited purposes, like redeeming coins or as collateral.

The Act is expected to list out rules on capital, liquidity, and risk, butit won’t be held to the same standards as traditional banks. Issuers must disclose how stablecoins can be redeemed and provide regular reports verified by accountants. The bill gives both federal and state regulators the power to oversee stablecoin issuers and create rules.

Coinbase CEO Calls on US Lawmakers to Approve Stablecoin Legislation