Coinbase CEO Confident in Crypto Legislation Progress
Brian Armstrong, CEO of Coinbase, expressed strong confidence this week about new legislation on digital asset market structure. He said the bill would protect all non-stablecoin cryptocurrencies like Bitcoin and Ethereum. Armstrong compared the legislative process to a “freight train leaving the station,” highlighting bipartisan support in Congress.
Armstrong met with lawmakers from both parties over several days. He shared his views in a video posted on X. He said, “This is how we ensure the crypto industry can be built here in America, driving innovation and protecting consumers.” He also criticized SEC Chair Gary Gensler’s enforcement approach.
Armstrong added that lawmakers will block banking industry efforts to ban interest on stablecoins. In mid-August, banking groups argued that stablecoins paying interest could harm traditional banks. They tried to ban such interest in the GENIUS Act but failed.
He noted strong Senate support, with members eager to advance the draft bill. The legislation is now in a refinement stage before wider public input. Senator Cynthia Lummis (R-Wyo.), a key supporter, predicted the bill could reach President Donald Trump’s desk by year-end.
Roundtable talks included executives from Ripple, Kraken, Circle, Cardano, and venture capital firms like Andreessen Horowitz, Paradigm, and Multicoin Capital. These discussions showed growing momentum for balanced crypto oversight.
Kraken CEO Calls for Protections for Crypto Builders
Kraken CEO Arjun Sethi stressed the need to protect developers and innovators in the bill. He urged lawmakers to include safeguards for protocols, blockchains, memes, tokenized equities, and other utilities.
Sethi wrote on X, “Thank you to everyone in DC fighting for crypto’s future. But the real fight is bigger: protecting the right to build protocols, chains, memes, tokenized equities, commodities, utilities, etc., and ensuring incentives stay with the builders, not just incumbents.”
Growing Support for National Bitcoin Reserve
Momentum is rising for a proposed national Bitcoin reserve. On August 16, 2025, 18 crypto leaders, including MicroStrategy Executive Chairman Michael Saylor, met U.S. lawmakers at Capitol Hill. They discussed the BITCOIN Act, proposed by Senator Cynthia Lummis.
The bill aims for the U.S. government to buy one million Bitcoin over five years without increasing the national budget. Funding ideas include revaluing Treasury gold certificates or using tariff revenues.
This initiative reflects the crypto industry’s push to expand in the U.S. while competing globally. Lawmakers are working more closely with the industry, but the bill still needs committee approval and votes to become law. Crypto leaders view the talks as a positive step forward.
