Why America’s Biggest Crypto Company Is Trying to Stop a Pro-Crypto Bill From Passing
The post Why America’s Biggest Crypto Company Is Trying to Stop a Pro-Crypto Bill From Passing appeared on BitcoinEthereumNews.com.
Coinbase and a handful of allies are actively lobbying Congress to prevent stablecoin legislation from passing in a standalone bill, a strategic move that is causing friction in the tight-knit world of crypto policy as one such bill nears a floor vote in the Senate, sources familiar with the matter told Decrypt. Coinbase, however, disputes that it is standing in the way of stablecoin legislation and maintains that it is fully supportive of the bill as drafted, a spokesperson said, suggesting that any perceived interference comes down to a difference in opinion over political strategy. Stablecoin bills currently before Congress would provide a path to legality for issuers of stablecoins—digital assets pegged to the U.S. dollar that allow crypto traders to enter and exit positions without the need to access dollars directly. The bills would be the first to effectively legalize a foundational component of the crypto industry. Stablecoins serve as a key connector between crypto and traditional financial markets. Passage of stablecoin legislation has been a top industry priority for months, and parallel stablecoin bills have already passed key committee votes in the Senate and House. Those bills are now zooming toward full floor votes and are widely expected to pass with bipartisan support. The Senate is itching to move first, and is planning to bring its stablecoin bill, the GENIUS Act, to a floor vote in the next two weeks, sources familiar with the matter told Decrypt. After a stablecoin bill passes both congressional chambers, it would then head to President Donald Trump’s desk for signature. The president has previously said he is eager to sign the legislation into law as soon as possible. But in private meetings with lawmakers, Coinbase is attempting to prevent these stablecoin bills from heading to floor votes, sources familiar with the…
Filed under: News - @ April 23, 2025 11:23 pm