Last updated on May 31st, 2025 at 09:44 am
Coinbase CEO Brian Armstrong urges Congress to fast-track legislation on stablecoins and market structure to pass both bills before the August recess. In a recent statement, Armstrong stressed the urgency of leveraging the momentum created by the ongoing FIT21 discussions in the House, believing it could propel both pieces of legislation forward quickly.
The Financial Innovation and Technology for the 21st Century Act (FIT21) is a proposed bill designed to establish clear regulatory guidelines for digital assets. Specifically, it seeks to clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating the cryptocurrency market, addressing long-standing uncertainties over jurisdictional authority.
Although FIT21 was initially rejected under the Biden administration in May 2024, recent developments in the House have revived the bill. Lawmakers have released a discussion draft of a new market structure bill, essentially a successor to FIT21, to solidify regulatory boundaries for the cryptocurrency industry.
Armstrong welcomed these efforts, stating,
“We also welcome House efforts to build on FIT21’s momentum. Both chambers need to act now if we hope to pass comprehensive legislation into law before August.”
This sense of urgency is echoed by prominent industry figures, including Dennis Porter, co-founder of the Satoshi Act Fund, and Senator Tim Scott, chairman of the US Senate Committee on Banking, Housing, and Urban Affairs. Both have predicted that crypto market legislation will be formalized by August 2025.
In addition, a recent report from Nansen highlights that Coinbase stands to benefit significantly from stablecoin regulations. The company’s commitment to compliance and independence from any dominant ecosystems positions it favourably to take advantage of the changing regulatory landscape.
At the same time, Coinbase Asset Management is expanding its offerings by introducing the Bitcoin Yield Fund (CBYF). Set to launch on May 1, 2025, this new fund targets institutional investors seeking long-term exposure to Bitcoin (BTC) with the added benefit of annual yields ranging from 4% to 8%. Notably, the fund will be available exclusively to non-U.S. investors.
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