Coinbase CEO Brian Armstrong is spearheading an urgent drive for congressional action on two pivotal cryptocurrency bills, emphasizing the critical need for a comprehensive regulatory framework for digital assets in the United States. Armstrong, highlighting that 52 million American crypto owners are counting on legislative clarity, urged lawmakers on June 12 to enact both the Cryptocurrency Legal Clarity Act of 2023 (CLARITY Act) and the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act).

The CLARITY Act is currently making significant progress through the U.S. House of Representatives. Its primary objective is to delineate the regulatory responsibilities of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) concerning the oversight of digital assets. A key component of this legislation is the Blockchain Regulatory Certainty Act, which seeks to exempt developers of non-custodial blockchain tools from being classified as financial institutions. This bill has successfully cleared two crucial House committees, the Agriculture Committee and the Financial Services Committee, and is now awaiting a full floor vote in the House before proceeding to the Senate for further consideration.

Concurrently, the GENIUS Act is designed to establish a clear and robust federal regulatory framework specifically for payment stablecoins. This proposed legislation mandates that stablecoins must be fully backed by reserves and imposes requirements for monthly transparency regarding these reserves, while also setting stringent consumer protection standards. The GENIUS Act allows for both federal and state-level stablecoin issuers, with a cap of $10 billion on state-regulated issuance. Following a successful cloture vote in the Senate on June 11, the bill is now poised for a full Senate vote. While proponents argue that the GENIUS Act will cement U.S. leadership in crypto innovation and enhance protections for users and the broader financial system, critics, including Senator Elizabeth Warren, have voiced concerns, asserting that the bill contains loopholes and weak safeguards for consumers, national security, and financial stability.

The figure of 52 million U.S. crypto owners cited by Armstrong is based on 2023 data frequently referenced by Coinbase, which estimated that approximately 20% of American adults own cryptocurrency. This demographic is notably younger and more diverse than the general population. To mobilize and empower these individuals, Coinbase launched its “Stand With Crypto” campaign, an initiative aimed at organizing crypto users to advocate for clear, responsible, and effective digital asset regulation.