Key figures in the US cryptocurrency industry have expressed support for the stablecoin regulation bill, the 'GENIUS Act'. Ahead of the Senate vote scheduled for Thursday, Chris Dixon from a16z and Brian Armstrong from Coinbase publicly announced their support for the bill.
The GENIUS Act (United States Stablecoin Innovation Guidelines and Establishment Act), introduced by Senator Bill Hagerty in February 2025, was co-sponsored by Senate Banking Committee Chairman Tim Scott, Kirsten Gillibrand, and Cynthia Lummis. The bill aims to establish a federal licensing and supervision framework for payment stablecoins and their issuers.
Chris Dixon stated on his social media that the "GENIUS Act will significantly improve the current situation by protecting consumers and increasing transparency." He emphasized that while the bill is not perfect, achieving bipartisan consensus is important. He added that quickly processing this bill and the market structure bill would provide the clear regulations that consumers and businesses have been waiting for.
Coinbase CEO Brian Armstrong said, "This week's legislative agenda is an important opportunity for Congress to advance stablecoin and broader market structure bills." He strongly supports the start of Senate discussions on the GENIUS Act and noted that 60 votes are needed.
The GENIUS Act provides clear criteria for payment stablecoin issuance qualifications and becoming a federally permitted issuer. The bill encourages issuers to obtain appropriate licenses while also establishing regulations for foreign and unauthorized companies operating in the US market.
This is part of a broader movement towards comprehensive cryptocurrency regulation. On April 2nd, the House Financial Services Committee passed the 2025 STABLE Act (Stablecoin Transparency for a Stable and Accountable Ledger Economy). According to Brian Steil, chairman of the Digital Assets, Fintech, and AI Subcommittee, the bill grants the Office of the Comptroller of the Currency (OCC) the authority to approve and supervise federally qualified non-bank stablecoin issuers.
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