The U.S. Congress is entering a pivotal week for digital asset regulation, with a rare opportunity to advance comprehensive legislation regarding stablecoins and the broader market structure.
Congress Faces Critical Week to Advance Crypto Legislation as It Builds Support for GENIUS Act and FIT21
Supporters are calling on the Senate to begin debate on the GENIUS Act, a landmark bill that aims to create clear regulatory frameworks for stablecoins and digital asset markets.
The bill requires 60 votes to advance, and industry and policy advocates are pushing lawmakers to act quickly.
Coinbase CEO Brian Armstrong also said that the U.S. Congress faces a good opportunity to advance legislation regarding stablecoins and market structure.
“This is a real opportunity for Congress to lead on digital asset regulation. We strongly support the Senate beginning debate on the GENIUS Act, and we need 60 votes to do so,” a pro-legislative coalition said in a statement.
Meanwhile, the House continues to build momentum behind its own landmark bill, FIT21, which recently cleared some hurdles in committees. Supporters hope both chambers can combine their efforts to deliver a final bill for President Biden’s signature before the August recess.
The call to action reflects growing urgency in Washington to bring regulatory clarity to the crypto industry amid growing institutional interest and global competition.
Failure to act before the summer recess could push meaningful legislative progress into 2025 as attention turns to the upcoming election season.
*This is not investment advice.
