New Digital currency Legislation: Coinbase Chief Executive Officer Brian Armstrong Travels to Washington DC
Coinbase’s Chief Executive Officer Brian Armstrong is bullish that U.S. cryptocurrency legislation is finally poised for approval. Following a series of discussions with lawmakers in Washington, Armstrong commented that the Digital Asset Market Clarity Act has “a good chance of being finalized.”
In recent times, Coinbase has become the preferred holding ground for BlackRock‘s Bitcoin, while other American exchanges like Gemini and Kraken have struggled to maintain relevance.
This legislation aims to define the regulatory landscape for digital assets, distributing authority among the SEC, CFTC, and other entities. It emphasizes non-stablecoins such as tokenized shares.
“This approach guarantees that the crypto sector can develop here in the U.S., fostering innovation, safeguarding consumers, and ensuring we avoid another Gary Gensler attempting to infringe on your rights.” – Brian Armstrong, CEO of Coinbase
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(Source: TradingView) Armstrong also called on retail investors to participate in the Stand With Crypto initiative, a grassroots channel that notifies individuals when to engage with their representatives. He portrayed it as a movement driven by the community rather than just corporate interests.
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— Stand With Crypto
He emphasized that active involvement would demonstrate to lawmakers that constituents, not merely corporations, seek a transparent regulatory framework. Amen to that! Armstrong noted that this moment is crucial for the crypto landscape that could avert another surge of “hostile enforcement” or unregulated fraudulent schemes like Terra Luna.
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A significant confrontation may arise around stablecoins. Armstrong stated that U.S. banking organizations attempted to include provisions in the GENIUS Act earlier this year that would have outright prohibited yield-generating stablecoins. Although that effort didn’t succeed, banking lobbyists continue to urge lawmakers to restrict interest-bearing stablecoin offerings.
Crypto was not the sole topic on Coinbase’s radar. Lawmakers also engaged with 18 BTC leaders, including Michael Saylor of Strategy (previously MicroStrategy), to deliberate on the BTC Act sponsored by Senator Cynthia Lummis.
The initiative aims for the U.S. to acquire one million Bitcoins over five years through “budget-neutral approaches” such as revaluing Treasury gold certificates and reallocating tariff revenues.
“This has a strong likelihood of happening… it’s a freight train departing the station.” – Brian Armstrong
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Data from institutions highlights the significance of this legislation. As reported by CoinGlass, open interest in crypto futures has steadily increased into September, whereas DeFiLlama indicates over $290 billion in stablecoin available volume remaining untouched.
For Armstrong, the stakes are considerable: harnessing bipartisan price floor and implementing regulations that harmonize consumer security and innovation.
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Key Takeaways
- Coinbase’s CEO Brian Armstrong is hopeful that U.S. crypto asset legislation and the Clarity Act are finally on the verge of approval.
- For Armstrong, the goal is to capitalize on bipartisan momentum and establish regulations that respect both consumer safety and innovation.
The article New Crypto Bill: Coinbase CEO Brian Armstrong Heads to Washington DC first appeared on 99Bitcoins.
