Coinbase CEO Brian Armstrong on Upcoming Stablecoin Legislation

On May 9th, Coinbase's CEO Brian Armstrong shared his insights on the upcoming vote in the U.S. Senate regarding stablecoin legislation. Described as the "first round of negotiations," this vote is expected to see further developments early next week. This news has caught the attention of many investors interested in the future of stablecoins, with a particular focus on whether the interest yield provisions for stablecoins need to be adjusted.

Armstrong specifically pointed out that the current bill's clause on "prohibiting stablecoins from offering interest yields" requires further revision. He believes that the GENIUS Act is moving towards bipartisan support and could soon be close to presidential signing. This suggests that the legislative process for stablecoins is steadily progressing and could have a profound impact on the crypto market.

Moreover, Armstrong highlighted that 52 million American voters who hold crypto assets are closely watching these legislative developments. This not only reflects public interest in stablecoins but also underscores the significant role of the crypto industry in U.S. policy-making. Future legislation could further influence the direction of the global stablecoin market.