Brian Armstrong has an incredible hold on the crypto community. So when the Coinbase CEO broke his silence Tuesday with just two words – “Getting closer” – everyone paid attention.
His message, shared on X, followed a tweet from Kara Calvert, Coinbase’s head of U.S. policy, praising bipartisan Senators for pushing the GENIUS Act to the Senate floor. “Huge thanks to @LeaderJohnThune for bringing the finish line within reach. This is what leadership looks like,” she wrote.
The finish line in question is the first real shot at U.S. stablecoin regulation. And the vote hits the Senate floor on June 11.
After weeks of closed-door negotiations, the GENIUS Act now has what it needs: bipartisan backing. Republicans and Democrats found common ground, and industry leaders are calling it a breakthrough moment.
If passed, the bill will establish federal guidelines for the issuance and backing of U.S.-pegged stablecoins – a long-awaited move that could transform how the $250+ billion stablecoin market operates.
The legislation sets standards for reserve assets, auditing requirements, and who can legally issue dollar-backed tokens. It aims to bring transparency, prevent misuse, and ensure stablecoins remain truly “stable.” In short, it’s the first serious attempt to give the industry regulatory guardrails without choking innovation.
It’s a framework many in crypto have been begging for. And judging by the tone in Washington, it’s no longer a question of if, but when.
Even before the vote, markets are reacting like the deal is already done.
On June 5, Circle, the company behind USDC, launched its long-anticipated IPO. The result was a jaw-dropping 347% surge in share price. Analysts are calling it the “breakout moment” for crypto-aligned public stocks, particularly those positioned to benefit from regulatory clarity.
Tether may be the dominant stablecoin by volume, but it’s taking a less U.S.-centric route.
Amid tightening MiCA regulations in the EU, Tether has expanded into Malta via StablR and teamed up with Oobit to maintain access to European users. CEO Paolo Ardoino made headlines too, floating a public valuation of $515 billion – a figure that would place Tether among the world’s top 20 companies.
That valuation, he says, is backed by BTC and gold reserves.
With the Senate vote set for June 11, the clock is ticking. If passed, the GENIUS Act could reshape the foundation of U.S. crypto finance.
And judging by the market’s response, investors are already placing bets on who will thrive in it.
The GENIUS Act sets federal rules for U.S. stablecoins, ensuring reserves, audits, and legal issuers to boost trust and market stability.
The U.S. Senate is set to vote on the GENIUS Act on June 11, marking a key step toward national stablecoin regulation.
The legislation sets federal standards for reserve assets, auditing requirements, and who can legally issue dollar-backed tokens, ensuring stablecoins are genuinely “stable” and preventing misuse.
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