- Coinbase CEO Brian Armstrong confirmed a strong bipartisan support for the pending Digital Asset Market Clarity Act.
- House Representative French Hill remarked, “The clock is ticking on crypto market structure legislation in the US.”
Coinbase CEO Brian Armstrong boldly stated that the pending legislation on the Digital Asset Market Clarity Act has “a good chance of getting done.” He cited strong bipartisan support to reinforce his bullish outlook.
Coinbase CEO Rallies the Public for Support in the Digital Asset Market Clarity Act
Armstrong recently confirmed that he has been spending a lot of time in Washington, D.C., to support the market structure legislation for crypto. He explained that it’s a way to ensure that the crypto industry will be built in America, while driving innovation and protecting consumers. It also prevents another hostile approach in the industry, similar to former Securities and Exchange Commission (SEC) Chair Gary Gensler’s “regulation by enforcement” measures, which he believes take away the rights of crypto community members.
The Coinbase boss said he witnessed strong bipartisan support for the bill. However, he still urged the public to rally behind the pending legislation by signing up for the “Stand With Crypto” initiative for an extra guarantee. From there, he claimed that the organization will notify petitioners when it’s already time to get in touch with their representatives.
Clock is Ticking on Crypto Market Structure Legislation
Armstrong’s statement coincides with the recent bulletin of Arkansas 2nd District Representative James French Hill, Chairman of the House Committee on Financial Services. According to the politician, “the clock is ticking on crypto market structure legislation in the US.”
Hill pointed out that the US House of Representatives has completely reversed its stance on crypto, from an antagonistic position during former President Joe Biden’s administration to a significantly positive tone in President Donald Trump’s regime. Solid bipartisan support in both chambers of Congress lifted the industry from a state of uncertainty.
The Arkansas representative highlighted that he saw firsthand how digital assets are now heavily influencing the world’s state of affairs. Additionally, he thinks it will continue to evolve based on the insights gleaned during his engagements with the private sector and government policy leaders.
Hill mentioned as an example how the various use cases of digital assets are shaping the real economy of Latin America. He discussed that the digital asset markets in the region were already worth $415 billion in 2024, and investors directed 46% of the funding on US dollar-denominated stablecoins. Furthermore, the representative warned how the US is falling behind the European Union in digital asset laws, particularly with the launch of the Markets in Crypto-Assets (MiCA) regulations.
“Without a market structure framework that allows innovation while protecting consumers and investors, the U.S. digital asset ecosystem will not thrive, and we risk ceding ground to Latin America’s fast-moving adoption and Europe’s harmonized regulatory regime,” said Hill.
What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
