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GENIUS Act Gains Support from a16z’s Chris Dixon and Coinbase’s Brian Armstrong
By: bitcoin ethereum news|2025/05/07 06:00:04
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Major industry figures, such as Chris Dixon and Brian Armstrong, have publicly backed the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This endorsement comes ahead of a key Senate vote scheduled for this Thursday. Industry Support Introduced in February 2025 by Senator Bill Hagerty, the GENIUS Act is co-sponsored by Senate Banking Committee Chairman Tim Scott, alongside Senators Kirsten Gillibrand and Cynthia Lummis. The bill’s main goal is to establish a federal licensing and supervisory framework for payment stablecoins and the companies that issue them. a16z’s Chris Dixon praised the proposal, saying: “The GENIUS Act will protect consumers and increase transparency–a significant improvement on the status quo.” While he admitted the bill isn’t perfect and will need changes, he stressed how important it is for the Senate to follow through on its bipartisan work. Dixon also noted that moving quickly on this legislation and a market structure bill would finally give both consumers and businesses the clear rules they’ve been waiting for. According to him, this would help the U.S. stay ahead in blockchain leadership. Similarly, Coinbase CEO Brian Armstrong described the week’s legislative agenda as a major opportunity for Congress to advance both stablecoin and broader market structure legislation. “We strongly support the Senate starting debate on the GENIUS Act—and we need 60 votes to get there,” he said. He also welcomed House efforts to build on the momentum created by the Financial Innovation and Technology for the 21st Century (FIT21) Act. According to him, urgent, coordinated action from both is important if comprehensive legislation is to be passed into law before August. The GENIUS Act outlines who is eligible to issue payment stablecoins and sets clear criteria for becoming a federally permitted issuer. The proposed rules encourage issuers to obtain proper licensing while also establishing rules for how foreign and unlicensed entities can operate within the U.S. market. By doing so, it plans to create a more consistent and regulated environment for stablecoins nationwide. Legislative Efforts The initiative is part of a broader movement toward comprehensive crypto regulation. On April 2, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 was passed by the House Financial Services Committee. According to Bryan Steil, Chair of the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee, it gives the Office of the Comptroller of the Currency (OCC) the authority to approve and supervise federally qualified nonbank stablecoin issuers. The legislation also aims to protect consumers, strengthen the U.S. dollar’s global role, and support the growth of Web3 businesses in the United States. LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin! Source: https://cryptopotato.com/genius-act-gains-support-from-a16zs-chris-dixon-and-coinbases-brian-armstrong/
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