Critical Cryptocurrency Week in the US Congress! Support Statement from Coinbase CEO Brian Armstrong! Here are the details.

The US Congress is entering a crucial week for digital asset regulation with a rare opportunity to advance comprehensive legislation related to stablecoins and the broader market structure.

Facing a Critical Week to Advance Crypto Legislation While Building Support for the GENIUS Act and FIT21

Supporters are calling on the Senate to begin discussions on the GENIUS Act, an important bill aimed at establishing clear regulatory frameworks for stablecoins and digital asset markets.

It takes 60 votes for the bill to progress, and industry and policy advocates are urging lawmakers to move quickly.

Additionally, Coinbase CEO Brian Armstrong stated that the U.S. Congress is facing a good opportunity to advance legislation regarding stablecoins and market structure.

In a statement made by a coalition that is against the legislation, it was stated, "This is a real opportunity for Congress to take the lead on digital asset regulation. We strongly support the Senate starting discussions on the GENIUS Act, and we need 60 votes for this."

Meanwhile, the House of Representatives continues to gain momentum behind its important bill FIT21, which recently overcame some obstacles in committees. Supporters hope to present a final proposal for President Biden's signature by uniting the efforts of both chambers before the August recess.

The call to action reflects the growing urgency in Washington to bring regulatory clarity to the crypto industry amid increasing institutional interest and global competition.

The failure to take action before the summer vacation, along with the shift of attention to the upcoming election season, could push meaningful legal progress to the year 2025.