Coinbase’s Chief Policy Officer, Faryar Shirzad, has urged swift action on the GENIUS Act, emphasizing its crucial role in fostering stablecoin legislation and strengthening the US dollar’s position in the global economy. He argues that the delayed passage of this bill presents a missed opportunity to establish a framework for responsible stablecoins within the US. Shirzad emphasizes the urgent need for the United States to have a ‘trusted, digitally native US dollar’ to compete in an increasingly on-chain global economy. While acknowledging the bill’s imperfections, he believes it still provides a necessary foundation for ensuring that US dollar-based stablecoins remain dominant in on-chain transactions. He further highlights the potential impact of these regulations on the US government’s debt and its role as the world’s reserve currency. Shirzad’s comments come against a backdrop of continued debate surrounding the GENIUS Act, particularly amidst resistance from certain Senate Banking Committee members who see it as mirroring Trump’s alleged crypto dealings. In response to this controversy, the bill’s future remains uncertain. While Shirzad advocates for swift action on the GENIUS Act, alternative legislation like the STABLE Act continues to be pursued. This act focuses on consumer protection and financial stability within the stablecoin space by requiring issuers maintain 1:1 reserves, ensuring redemption at face value. The impact of these regulatory changes will continue to shape the landscape of the evolving stablecoin market.