Coinbase CEO Confirms Historic Crypto Bill Progress

Coinbase CEO Brian Armstrong announced on X that bipartisan efforts have 90% completed a US crypto market structure bill, aiming for completion by year’s end.

This legislative push could impact US-based DeFi tokens and stablecoin rewards, signaling potential market shifts and regulatory clarity.

Coinbase Reportedly Nears 90% Completion on Crypto Bill

Brian Armstrong, CEO of Coinbase, reported significant progress regarding the US crypto market structure bill. On October 23, Armstrong met with Senate Democrats and Republicans, noting that the bill is 90% complete. He is confident in passing the bill by year’s end, potentially ready for review before Thanksgiving.

Coinbase aims to protect innovation within the DeFi sector along with ensuring rights to stablecoin rewards for users. There is increased hope for creating a legislative framework that supports these sectors, as depicted by the current bipartisan momentum surrounding this bill.

“Momentum for market structure clarity is at an all-time high, even if Washington, D.C., is currently in recess. I sat down with Senate Democrats and Republicans who want to get this done—we’re 90% there. We’re bullish on getting a bill passed by year-end, and hopeful it’s out of Committee by Thanksgiving.” — Brian Armstrong, CEO, Coinbase.

Reactions among industry leaders are varied; Summer Mersinger of the Blockchain Association expressed concerns over potential restrictions on decentralized finance. Armstrong stressed the importance of clarity, asserting that pro-crypto clarity benefits everyone.

Legislative Progress May Boost Crypto Institutional Investment

Did you know? Significant legislative efforts like the EU’s MiCA have historically led to increased trading activities in related tokens, potentially creating short-term market upticks when privacy and protocol clarity advance.

Ethereum (ETH) currently trades at $3,871.70, with a market cap of $467.31 billion, reflecting a 1.45% increase in 24 hours, as reported by CoinMarketCap. Over 90 days, ETH saw a 3.95% growth, illustrating resilience despite recent fluctuations.

The Coincu research team suggests that successful legislative progress could encourage more institutional investment, potentially fostering innovation while heightening regulatory compliance among US-based crypto firms. Ethereum eye new ATH with legislative clarity boosting crypto ecosystems further.