Why America’s Biggest Crypto Company Is Trying to Stop a Pro-Crypto Bill From Passing
Coinbase is lobbying Congress to delay the passage of stablecoin legislation, which aims to legalize stablecoin issuers, due to concerns that prioritizing this bill may hinder the approval of a broader market structure bill essential for its business model. Stablecoins are crucial for linking crypto and traditional finance. The Senate plans to vote on the GENIUS Act, a stablecoin bill, soon, with bipartisan support expected. Coinbase, supported by Andreessen Horowitz, argues that combining stablecoin and market structure legislation into one bill would be more effective. However, many in the crypto industry advocate for immediate passage of stablecoin legislation, fearing that delays could lead to lost political momentum. The Digital Chamber plans to mobilize support for swift action on stablecoin bills, emphasizing the urgency of establishing regulatory clarity in the U.S.
