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Brian Armstrong, the CEO of the largest U.S.-based cryptocurrency exchange, Coinbase, has commented on the U.S. president, Trump, signing the so-called Genius Act earlier this week. This step, after passing this act, has now turned it into a law with all the positive aftermath for the crypto space that is expected to follow.
Coinbase CEO underscores importance of stablecoin law
This act acknowledges stablecoins as legal assets and provides regulation for their circulation and usage. Armstrong gave an interview to CNBC from the White House yard, stating that this passing of the Genius Act marks an important milestone for crypto and the beginning of the financial revolution.
It will allow upgrading the current financial system, which is decades old, particularly in the sphere of payments, and move it to new tracks. Stablecoins will also allow making payments to any corner of the world, much faster and cheaper than the old system could.
Armstrong then reposted his interview, adding the same again to emphasize his statement: “The financial revolution starts here. Huge moment for crypto. Huge moment for updating the financial system.”
However, the CEO stated that “the job is not done” yet, since the crypto industry also wants the U.S. Congress to pass the crypto bill called “Clarity.” The president said that he wants to see it on his desk by Sept. 30. Armstrong stated that Coinbase will help let that happen and join forces with the rest of the cryptocurrency industry here.
Mastercard praises stablecoin act passage
Mastercard also published an article, singing praise to the Genius Act just signed by the U.S. president. The article was written by the fintech giant’s executive vice president, Jesse McWaters.
He said that stablecoins have now reached a turning point and “the passage of the GENIUS Act by the U.S. Congress signals a new era of regulatory clarity and confidence in digital assets.”
He stressed that the passage of this law is creating a global momentum for stablecoins and crypto in general, in particular in the sphere of payments, along with the EU’s MiCA regulatory framework and similar frameworks operating in Hong Kong and the UAE.
Vladislav Sopov
U.Today Editorial Team