Crypto execs flock to DC to support Senate stablecoin bill
Crypto founders are heading to Washington, DC, to meet with lawmakers ahead of another expected vote on a stablecoin bill that initially failed in the Senate, according to Coinbase CEO Brian Armstrong. In a May 14 X post from the US Capitol rotunda, Armstrong said as many as “60 [crypto] founders” had gathered in DC to support the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, being considered in the Senate and a draft of the market structure bill moving through the House of Representatives. The Coinbase CEO said the Senate could consider another vote on the GENIUS Act “hopefully tomorrow” after it failed to get enough support from Democrats on May 8.“Like any good negotiation, there’s a lot of details to work out at the last minute, but we’ve been stressing the urgency of this,” said Armstrong.Many Democratic lawmakers have said they will not support any crypto-related legislation without a specific carve-out for President Donald Trump profiting from his digital asset ventures, like his TRUMP memecoin and his family-backed company World Liberty Financial. Cointelegraph reached out to Coinbase for comment but had not received a response at the time of publication.Related: What are the next steps for the US stablecoin bill?This is a developing story, and further information will be added as it becomes available.
Crypto founders are heading to Washington, DC, to meet with lawmakers ahead of another expected vote on a stablecoin bill that initially failed in the Senate, according to Coinbase CEO Brian Armstrong.
In a May 14 X post from the US Capitol rotunda, Armstrong said as many as “60 [crypto] founders” had gathered in DC to support the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, being considered in the Senate and a draft of the market structure bill moving through the House of Representatives.
The Coinbase CEO said the Senate could consider another vote on the GENIUS Act “hopefully tomorrow” after it failed to get enough support from Democrats on May 8.
“Like any good negotiation, there’s a lot of details to work out at the last minute, but we’ve been stressing the urgency of this,” said Armstrong.
Many Democratic lawmakers have said they will not support any crypto-related legislation without a specific carve-out for President Donald Trump profiting from his digital asset ventures, like his TRUMP memecoin and his family-backed company World Liberty Financial.
Cointelegraph reached out to Coinbase for comment but had not received a response at the time of publication.
Related: What are the next steps for the US stablecoin bill?
This is a developing story, and further information will be added as it becomes available.
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