Crypto Make-or-Break Moment？ Coinbase CEO Calls on Congress to Act Now

Coinbase CEO Brian Armstrong has once again called for clear crypto regulations, urging U.S. lawmakers to pass the CLARITY and GENIUS acts as soon as possible. In a new post, Armstrong mentioned the 52 million Americans who now own crypto, saying they are counting on Congress to “get this right.”

His comments come after a big step forward for crypto legislation, as the GENIUS Act - which is aimed at regulating stablecoins - heads to the Senate floor.

Chris Dixon, a partner at Andreessen Horowitz, backed Armstrong's urgency and explained what the GENIUS bill would achieve: consumer protection, long-term incentives for U.S. builders and investors, and a legal structure that keeps crypto innovation stateside.

If everyone wants a better internet, the way forward is to build blockchain networks in America, says Dixon.

Private sector is not waiting

Shopify has just introduced support for USDC payments, meaning customers can now check out with stablecoins on Coinbase's Base network. Stripe will take care of the back-end - converting USDC into fiat and settling in merchant bank accounts across 34 countries.

Add to that Circle's IPO earlier this month that caused a 347% spike in its stock price, and analysts say that regulatory clarity could supercharge U.S.-based crypto firms.

Meanwhile, Tether is keeping its eye on the EU, where there are a load of new rules coming in.

With the big platforms now using stablecoins and the law catching up, the crypto market is gearing up for a new era.

So, the message is pretty clear - clear regulation is needed in order to enter this era in the right way.