Coinbase CEO Urges Congress: "Move Fast on Crypto Bills or Miss the August Deadline!"

Brian Armstrong Calls for Swift Action on Stablecoin and Market Structure Legislation

Coinbase CEO Brian Armstrong isn't holding back. He's demanding that Congress speed up its game on stablecoin and market structure bills, riding the wave of momentum from the FIT21 discussions. He's set a bold deadline: get these bills passed before August or miss the boat entirely.

In a fiery post, Armstrong didn't mince words. He's calling for immediate action, believing that the buzz around FIT21 can push these crucial bills over the finish line. He's not just hoping; he's demanding results.

FIT21, or the Financial Innovation and Technology for the 21st Century Act, isn't just another bill. It's a game-changer aimed at clearing up the murky waters of crypto regulation. It's all about deciding whether the SEC or CFTC gets to call the shots on digital assets.

Despite being shot down in May 2024 under the Biden administration, FIT21's spirit lives on. House lawmakers have breathed new life into it with a fresh market structure bill, a direct descendant of FIT21, ready to set the stage for crypto's future.

"We also welcome House efforts to build on FIT21’s momentum. Both chambers need to act now if we hope to pass comprehensive legislation into law before August," Armstrong declared, leaving no room for delay.

This week, Congress has a golden window to push forward on stablecoin and market structure legislation. Armstrong's rallying cry? The Senate needs to jump on the GENIUS Act, and they need 60 votes to make it happen. The pressure's on, and the clock's ticking.

Right now, the Senate's wrestling with the GENIUS Act, a bill that's all about bringing clarity to the booming $240 billion stablecoin market, with giants like Tether (USDT) and USD Coin (USDC) leading the charge. But it's not a done deal yet; they need those 60 votes to move forward.

Despite early bipartisan support, the GENIUS Act hit a snag. Nine Senate Democrats threw a wrench in the works, refusing to back the bill over fears of weak anti-money laundering and national security measures. It's a tough road ahead.

Heavy hitters like Satoshi Act Fund co-founder Dennis Porter and Senator Tim Scott, chairman of the US Senate Committee on Banking, Housing, and Urban Affairs, have thrown their weight behind the prediction that crypto market laws will be set in stone by August 2025. The stakes are high, and the countdown is on.

The White House isn't sitting on the sidelines either. They've got two stablecoin bills in play: the STABLE Act and the GENIUS Act, with the latter gaining more ground.

On April 3, 2025, the STABLE Act made a strong showing at the House Financial Services Committee markup hearing, passing with a 32-17 vote. But it's not over yet; it still needs to navigate the House of Representatives and then the Senate to become law.

According to a Nansen report, Coinbase is poised to reap the rewards of stablecoin regulations. With a focus on compliance and no ties to dominant ecosystems, they're ready to take the crypto world by storm.