News View Non-AMP

Coinbase CEO Backs GENIUS Act as U.S. Stablecoin Vote Nears

Published by
Qadir AK and Nidhi Kolhapur

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.

All About the GENIUS Act

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.

Markets Aren’t Waiting – Circle Just Made Its Move!

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.

Meanwhile, Tether Is Playing a Different Game

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. 

The New (Crypto) Era Is Arriving

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.

FAQs

What is the GENIUS Act and why does it matter for stablecoins?

The GENIUS Act sets federal rules for U.S. stablecoins, ensuring reserves, audits, and legal issuers to boost trust and market stability.

When will the Senate vote on the GENIUS Act stablecoin bill?

The U.S. Senate is set to vote on the GENIUS Act on June 11, marking a key step toward national stablecoin regulation.

How does the GENIUS Act aim to regulate stablecoin issuers?

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.

Qadir AK and Nidhi Kolhapur

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

U.S. SEC Approves First Solana, XRP, and Cardano ETF: Is the Altcoin Summer Next?

The altcoin market has followed Bitcoin (BTC) in midterm weakness, amid historical demand from institutional…

July 2, 2025

Which Meme Coin Triumphs in 2025? Dogecoin, PEPE or Neo Pepe Coin ($NEOP) For Best Crypto

Pepe's Resilient Rebound Over recent days, Pepe Coin (PEPE) has captured renewed attention from traders…

July 1, 2025

BBB Warns of AI Voice Scams Just as Graphite Network Launches Phonebook MVP That Offers a Web3 Fix

On June 25th, 2025, the Better Business Bureau (BBB) issued an urgent alert about a…

July 1, 2025

Elon Musk’s xAI Bags $10 Billion While Trump Fires Shots on Social Media

Elon Musk’s AI startup xAI has raised a massive $10 billion in new funding, giving…

July 1, 2025

Best Crypto to Buy This Summer, Ethereum (ETH) Runs Hot, But This $0.03 Token Looks Sharper With 2x Upside

With Ethereum (ETH) heating up again in early summer activity, large-cap investors are doubling down…

July 1, 2025

Top New Meme Coin of 2025? Pepe Coin (PEPE) Competitor Picked for a Top 10 Status on CoinMarketCap

Meme coins have always been a wild ride. From Dogecoin turning jokes into market caps…

July 1, 2025