Coinbase calls for urgent action to pass two crypto bills in America

Coinbase is pushing the US Congress to pass two important bills – CLARITY and GENIUS – aimed at establishing a clear legal framework for digital assets and stablecoins. CEO Brian Armstrong stated on social media X that: "52 million Americans owning cryptocurrency are placing their trust in this."

The CLARITY Act aims to delineate the regulatory roles between the SEC and CFTC, while exempting non-custodial blockchain tool developers from being classified as financial institutions. The bill has passed two important committees in the House and is awaiting a full vote.

Meanwhile, the GENIUS Act on stablecoin management requires tokens to be fully collateralized, publicly reserve monthly, and limit state issuance to $10 billion. The bill passed procedural votes in the Senate on June 11, moving towards a full vote. Although criticized by Senator Elizabeth Warren for "gaps and weak protection standards," supporters argue that this is a necessary step for America to lead in financial innovation.

Coinbase is also launching the "Stand With Crypto" campaign to rally the community in support of a clear and responsible legal framework in the digital asset space.