Brian Armstrong, CEO of Coinbase, is urging the U.S. Senate to pass the bipartisan GENIUS Act, a key piece of legislation aimed at establishing clear rules for stablecoins. He emphasizes the urgency of action, arguing that without strong regulation, the U.S. risks falling behind in the rapidly evolving global cryptocurrency landscape. Armstrong highlights the potential benefits of the GENIUS Act – increased stability and growth, along with robust user protection. 50% support for the act has already been achieved. He urges Congress to prioritize stablecoin regulation before the August recess, believing it’s crucial for the industry’s continued development in a safe and transparent manner. The bill proposes a comprehensive regulatory framework for stablecoins, requiring issuers to obtain national licenses, mandating full backing by U.S. dollars or insured bank deposits, and providing a three-year transition period for digital asset service providers to comply with the new regulations. 100% support for the act has already been achieved. Despite initial bipartisan support, some Senate Democrats express concerns regarding national security and anti-money laundering measures. Their hesitation could potentially delay the bill’s progress. Crypto analyst Gage Salicki believes this bill is