Support Accumulates for GENIUS Act from Chris Dixon of a16z and Brian Armstrong of Coinbase
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The GENIUS Act, a bipartisan proposal aimed at governing stablecoins, has garnered support from notable figures in the industry such as Chris Dixon and Brian Armstrong. This backing comes ahead of a Senate vote slated for this Thursday.
Led by Senator Bill Hagerty, the GENIUS Act is co-sponsored by Senate Banking Committee Chairman Tim Scott, along with Senators Kirsten Gillibrand and Cynthia Lummis. This legislation seeks to establish a federal licensing and supervisory framework for payment stablecoins and the companies that issue them, enhancing transparency and consumer protection.
Chris Dixon, partner at a16z, lauded the proposal, stating, "The GENIUS Act will protect consumers and boost transparency – a notable upgrade from the current situation." While recognizing its imperfections and the need for improvements, he emphasized the importance of the Senate pushing through with its bipartisan work. Dixon also opined that quick action on this legislation and a market structure bill would provide both consumers and businesses with long-awaited clarity, ensuring the U.S.'s ongoing lead in blockchain technology.
Similarly, Coinbase CEO Brian Armstrong described the upcoming legislative agenda as an opportunity for Congress to advance both stablecoin and broader market structure legislation. He stressed, "We strongly support the Senate starting debate on the GENIUS Act – and we need 60 votes to get there." Armstrong also applauded House efforts to capitalize on the momentum generated by the Financial Innovation and Technology for the 21st Century (FIT21) Act. Urgent, coordinated action from both, he believes, is essential to pass comprehensive legislation into law before August.
The GENIUS Act outlines criteria for who is eligible to issue payment stablecoins and proposes rules for licensed issuers and foreign and unlicensed entities operating within the U.S. market. The objective is to create a more uniform and regulated environment for stablecoins nationwide.
The current trend positions the GENIUS Act as part of a broader push towards comprehensive crypto regulation. On April 2, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 was given the green light by the House Financial Services Committee, granting authority to the Office of the Comptroller of the Currency to supervise federally qualified nonbank stablecoin issuers.
While the GENIUS Act may have faced a roadblock in the Senate due to a lack of 60 votes to bypass filibuster, the continued support from industry figures underlines the significance of regulatory clarity and consumer protection in the rapidly evolving digital asset landscape.
Sources: [1], [2], [3]
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- Recognizing the necessity of regulatory clarity, Chris Dixon, a partner at a16z, praised the GENIUS Act, stating that it will bolster transparency and protect consumers, urging the Senate to push through with its bipartisan work.
- The GENIUS Act, aimed at governing stablecoins, is co-sponsored by Senators Bill Hagerty, Tim Scott, Kirsten Gillibrand, and Cynthia Lummis, seeking to establish a federal licensing and supervisory framework for payment stablecoins.
- As the digital asset landscape evolves rapidly, the ongoing support from industry figures like Coinbase CEO Brian Armstrong underscores the significance of regulatory clarity and consumer protection in the crypto industry.
- The GENIUS Act, one of the recent attempts at crypto regulation, aligns with ongoing efforts in the industry, as demonstrated by the approval of the STABLE Act of 2025, which grants supervisory authority to the Office of the Comptroller of the Currency over federally qualified nonbank stablecoin issuers. This push towards comprehensive regulation in the crypto and web3 space is essential for the financial technology business and the broader tech industry.
