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.
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
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.
Industry figures support the call
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.
Also Read: Coinbase CEO Calls for Changes to Accredited Investor Rules in the US
Senate Advances CLARITY Act in August 2026
On August 8, 2026, the Senate took a procedural step toward pushing the legislation before lawmakers left Washington for the August recess. Senate Majority Leader John Thune filed for a procedural vote, showing that Republicans believed they could potentially secure the 60 votes needed to move the bill forward, including support from Democratic senators.
The Senate is expected to take up the legislation further after the August recess, as the delay is speculated to be because 2026 is a midterm election year, leaving lawmakers with a narrowing legislative calendar.
Coinbase has warned that prolonged uncertainty could have consequences for U.S. crypto businesses. In July, Armstrong said part of Coinbase’s business could eventually move offshore if Congress failed to provide clearer rules for the industry.
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