Cryptocurrency exchange Coinbase (Nasdaq: COIN) renewed its call for Congress to establish clear regulatory oversight of digital assets, urging lawmakers to enact two key pieces of legislation. CEO Brian Armstrong stressed the urgency of regulatory clarity on social media platform X on June 12, stating:

We need a comprehensive regulatory framework for all types of digital assets. Congress should pass the CLARITY Act along with the GENIUS Act into law. 52 million American crypto owners are counting on it.

The Cryptocurrency Legal Clarity Act of 2023 (CLARITY Act) is advancing through the U.S. House, aiming to define regulatory roles for the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets. It includes the Blockchain Regulatory Certainty Act, exempting developers of noncustodial blockchain tools from being labeled as financial institutions. The bill has successfully advanced through two key House committees: the Agriculture Committee and the Financial Services Committee. It is now awaiting a full House floor vote. If passed, it will proceed to the Senate for consideration.

The Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act) is designed to establish a clear federal regulatory framework for payment stablecoins. It requires stablecoins to be fully backed by reserves, imposes monthly transparency on those reserves, and sets consumer protection standards. The bill allows both federal and state-level issuers, capping state-regulated issuance at $10 billion. After passing a Senate cloture vote on June 11, the GENIUS Act is poised for a full Senate vote. Critics, such as Senator Elizabeth Warren, have argued that the bill “is riddled with loopholes and contains weak safeguards for consumers, national security, and financial stability.” Proponents contend it will ensure U.S. leadership in crypto innovation while enhancing protections for users and the broader financial system.

The number of U.S. crypto owners cited by Armstrong is based on 2023 data often referenced by Coinbase, which estimated that about 52 million or 20% of American adults owned cryptocurrency. This group is notably younger and more diverse than the general population. To engage and empower these individuals, Coinbase launched the “Stand With Crypto” campaign, aiming to organize crypto users as advocates for clear and responsible digital asset regulation.

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