Crypto Chaos: 52 Million Americans Hold Their Breath as Congress Decides Their Fate!

In a world where digital coins are as common as cat videos, Coinbase’s CEO is revving up the engines for two monumental crypto bills that promise to bring some much-needed clarity, protection, and, let’s be honest, a dash of chaos to America’s digital asset future.

Coinbase Calls for Legislative Action on 2 Crypto Bills: ’52 Million American Crypto Owners Are Counting on It’

So, here we are, folks. Cryptocurrency exchange Coinbase (Nasdaq: COIN) is back at it again, waving its arms like a frantic conductor trying to get Congress to establish some semblance of regulatory oversight for digital assets. CEO Brian Armstrong took to the social media platform X (formerly known as Twitter, because why not?) on June 12, declaring:

We need a comprehensive regulatory framework for all types of digital assets. Congress should pass the CLARITY Act along with the GENIUS Act into law. 52 million American crypto owners are counting on it.

Now, let’s break this down. The Cryptocurrency Legal Clarity Act of 2023 (or CLARITY Act, because who doesn’t love an acronym?) is making its way through the U.S. House, aiming to define who gets to play referee in the wild world of digital assets—the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It even includes the Blockchain Regulatory Certainty Act, which is a fancy way of saying that developers of noncustodial blockchain tools won’t be mistaken for financial institutions. The bill has already passed through two key House committees: the Agriculture Committee (because nothing says crypto like corn) and the Financial Services Committee. Now, it’s just waiting for its moment in the spotlight on the House floor. If it gets the thumbs up, it’ll waltz over to the Senate for a little more scrutiny.

Then we have the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act). Yes, you heard that right—GENIUS. This bill is all about creating a clear federal regulatory framework for payment stablecoins. It insists that stablecoins must be fully backed by reserves (because who wants a currency that’s just a figment of someone’s imagination?), imposes monthly transparency on those reserves, and sets consumer protection standards. It allows both federal and state-level issuers, but don’t get too excited—state-regulated issuance is capped at a measly $10 billion. After passing a Senate cloture vote on June 11, the GENIUS Act is now gearing up for its big Senate debut. Critics, including Senator Elizabeth Warren, have raised their eyebrows, claiming the bill is “riddled with loopholes and contains weak safeguards for consumers, national security, and financial stability.” But hey, proponents argue it’ll keep the U.S. at the forefront of crypto innovation while also throwing a few life jackets to users and the broader financial system.

Now, about those 52 million U.S. crypto owners that Armstrong keeps mentioning—this figure comes from 2023 data that Coinbase loves to flaunt. Apparently, about 20% of American adults are now crypto enthusiasts. This group is notably younger and more diverse than your average population, which is probably why Coinbase launched the “Stand With Crypto” campaign. They’re trying to rally these digital warriors into advocates for clear and responsible digital asset regulation. Because if there’s one thing we need, it’s more people shouting into the void about crypto regulations! 🎉

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2025-06-14 05:57