Crypto Bigwig’s “GENIUS” Plea: Will Congress Finally Notice Stablecoins?

The CEO of Coinbase, Brian Armstrong—whose hairline is almost as smooth as his crypto takes—has leaped onto his favorite soapbox (also known as X, formerly Twitter), and is desperately waving his arms at the US Senate. “Look, Senators!” he shouts (probably while sipping oat milk), “Debate the GENIUS Act!” Genius indeed… 🤓

Congress has a real opportunity this week to advance stablecoin and market structure legislation. We strongly support the Senate starting debate on the GENIUS Act — and we need 60 votes to get there. We also welcome House efforts to build on FIT21’s momentum. Both chambers need…
— Brian Armstrong (@brian_armstrong) May 6, 2025

According to Armstrong (and honestly, his accountant is probably sweating through his tie), the House should pile on top of the FIT21 framework, so that the GENIUS Act gets to wear the sash of “comprehensive stablecoin legislation.” What a pageant! His master plan? Laws to keep customers safe, foster a wild jungle of crypto innovation, and—if we’re lucky—discourage any more “Oops, I lost all your money” scenarios. 🦄💸

Regulatory clarity, says Armstrong, is apparently more elusive than a golden ticket. He’s convinced the government has been playing peekaboo with the rule book: “Let’s just threaten everyone and hope for the best!” Back in 2023, Brian had already noticed a whiff of “rules by surprise”—which is great if you love suspense, not so much if you’re into running a business.

The GENIUS Act

On March 18, the most exciting day since sliced bread, the Senate Banking Committee announced progress on the GENIUS Act of 2025 (S. 919). Did it come with a top hat and cane? Not quite, but it does want to train up some rules for US stablecoins.

If our senators manage to pass it (and they do love a good nap), the GENIUS Act would demand that stablecoin issuers hoard a dollar in “nice safe assets” for every stablecoin they mint. Picture a piggy bank stuffed with cash, insured deposits, Treasury bills, and whatever else the Feds consider less risky than Aunt Edna’s casserole. The grown-ups will check that these cushions of cash only get used to redeem coins or as collateral—so no buying office hot tubs with your reserves, sorry.

There will be fresh rules about capital, liquidity, and risk—a fancy way to say, “Please don’t go broke or act ridiculous.” However, stablecoin folks get lighter rules than real banks, which, as everyone knows, wear boring ties and love paperwork. Issuers will also have to tell people how their stablecoins can be swapped back for cash and file regular reports, checked by accountants who (let’s be honest) would rather be at the pub. Finally, both state and federal regulator-types get the keys to keep an eye on things, which sounds like a party no one actually wants an invite to.

2025-05-06 15:05

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Crypto Bigwig’s “GENIUS” Plea: Will Congress Finally Notice Stablecoins?

The GENIUS Act

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