- Genius Act gives stablecoins legal status in U.S. financial system.
- Coinbase CEO says outdated banking model faces disruption from new law.
- Trump-backed legislation sparks push for broader crypto regulations by industry.
Coinbase CEO Brian Armstrong has praised the Genius Act’s signing into law, calling it a major leap toward replacing the outdated financial system. The law, signed earlier this week by U.S. President Donald Trump, establishes legal recognition and a regulatory framework for stablecoins.
With the solid recognition of stablecoins as legal assets by the United States, they are projected to be a focal point of modernising the method of money movement across the world. When speaking to CNBC on the White House lawn, Armstrong pointed to the opportunity that the law has in transforming how payments are made in this country, a process that has not changed significantly in decades.
Also Read: Ripple Expands Stablecoin Presence with RLUSD as Regulatory Momentum Builds
He noted that the Genius Act will allow quicker and cheaper payments, particularly cross-border payments, which normally incur delay time and extensive costs. Armstrong believes this law will lead to a more streamlined, more accessible financial future for individuals and businesses alike.
After his interview, Armstrong took to X to reinforce his message, stating, “The financial revolution starts here.” He referred to signing as a massive event in crypto and underlined the importance of the act to open up the next level of financial infrastructure in the U.S.
Coinbase Pushes for Further Crypto Legislation
Despite the breakthrough, Armstrong made it clear that more work lies ahead for the crypto sector. He urged lawmakers to pass the Clarity bill, a separate piece of legislation aimed at regulating the broader crypto industry beyond stablecoins. Armstrong further stated that President Trump has shown interest in reviewing the Clarity bill before the close of September. Coinbase volunteered to support the bill, together with other players in the industry, in ensuring that it is passed by Congress.
Armstrong also thinks that when the Genius Act is tested with upcoming legislation such as Clarity, a complete system of law on digital assets will be in place. He emphasized that this kind of Clarity is a key to responsible innovation and sustainable growth of the crypto economy in the U.S.
Now that the Genius Act is a law, the groundwork toward a modern system of finance that uses stablecoins is under construction. With industry giants advocating the need to regulate the sector more thoroughly, the crypto market is staking out its place as the epicenter of the next financial revolution.
Also Read: Billy Markus: Early Life and Net Worth – The Vision Behind Dogecoin and Meme Coin Culture
