Coinbase CEO Pushes for Fair Stablecoin Rules as Congress Debates New Laws

As the U.S. government debates how to regulate stablecoins, Coinbase CEO Brian Armstrong urges lawmakers to rethink their approach. He believes current proposals, like the GENIUS Act and the STABLE Act, are too strict. The top executive said the current versions of these bills are unfair to stablecoin issuers and could harm innovation in the crypto industry. Industry Leader Calls For GENIUS Act And STABLE Act Reform Brian Armstrong is calling on the Senate to start discussions on reforming the already proposed GENIUS Act. This new bill is meant to create rules for stablecoin companies, but Armstrong said it has serious problems. According to him, one of the most significant issues is that it does not allow stablecoin issuers to pay interest to users. Armstrong believes this restriction limits what crypto companies can offer and slows growth in the digital currency space. He urges the Senate to change this rule and start an honest discussion about balancing the law. While the GENIUS Act is being considered in the Senate, the House of Representatives has its version, the STABLE Act, which was introduced in February . Armstrong said that both bills make it harder for stablecoin providers to innovate and create better user products. Armstrong Urges Congress to Act Before Summer Break Congress has a small window to make these changes. According to Armstrong, lawmakers must act before their August summer break. If they wait too long, the chance to pass new laws this year might be lost. He asks the Senate for at least 60 votes to debate the GENIUS Act. At the same time, he argues that the House of Representatives should keep working on other plans, like the FIT21 bill, which also focuses on crypto rules. Armstrong believes that if the House and Senate work together, they can create laws protecting users while allowing new crypto ideas to grow. Coinbase Fights for Fair Crypto Rules This push for fair regulation comes just after Coinbase filed a legal brief against the U.S. Internal Revenue Service’s (IRS) attempt to increase surveillance on crypto users. The company is trying to protect its business and the broader crypto community. Once a niche asset, stablecoins are gaining traction in the crypto and financial markets . With leaders like Armstrong speaking up, the U.S. hopes to create smart rules that allow innovation while protecting everyday users. The post Coinbase CEO Pushes for Fair Stablecoin Rules as Congress Debates New Laws appeared first on TheCoinrise.com .

Source: The Coin Rise