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- Bipartisan consensus on crypto regulation is nearly complete.
- DeFi treatment and stablecoin rewards remain the main discussion points.
- Senate committee vote expected by Thanksgiving, full vote possible by year-end.
Coinbase CEO Brian Armstrong expressed optimism that the long-awaited U.S. Crypto market structure bill could pass before the end of 2025. Speaking from Capitol Hill amid the federal government’s 33-day shutdown, Armstrong highlighted growing bipartisan consensus in Washington over how to regulate the crypto sector while protecting innovation.
“Senate Democrats and Republicans are 90% on the same page,” Armstrong said, referring to the framework designed to clarify rules for crypto trading, custody, and stablecoin operations. He described the negotiations as “the closest the U.S. has ever been to clear crypto legislation,” emphasizing that lawmakers are working to resolve the remaining 10% of disagreements.
DC may be shut down, but momentum for market structure clarity is at an all-time high. I sat down with Senate Democrats and Republicans who want to get this done – we're 90% there.
— Brian Armstrong (@brian_armstrong) October 23, 2025
Both sides are working hard to figure out the final 10%, and we're getting close.@Coinbase is… pic.twitter.com/EI5sShFvKA
Key Issues: DeFi and Stablecoin Rewards
Armstrong identified two critical sticking points: the treatment of decentralized finance (DeFi) and the protection of stablecoin rewards for users. Coinbase advocates for keeping decentralized protocols and software outside the scope of traditional regulatory oversight meant for centralized exchanges. Armstrong warned that major banks could attempt to block crypto users from earning legitimate rewards, citing the recently enacted Genius Act, which reaffirmed the legality of stablecoin incentives.
Senate Committee Approval Expected by Thanksgiving
Despite Washington’s political gridlock, Armstrong expects the bill to pass its Senate committee stage by Thanksgiving, potentially paving the way for a full vote before year-end. This timeline coincides with market anticipation ahead of the Federal Reserve’s next meeting on October 29.
Also Read: Who is Brian Armstrong? The Visionary Behind Coinbase
“This is about protecting innovation while ensuring that centralized intermediaries like Coinbase operate under clear rules,” Armstrong said. Coinbase’s Chief Legal Officer Paul Grewal added that regulation should target centralized exchanges—not DeFi software or protocols—reinforcing the company’s stance on fair and focused oversight.
A Pivotal Moment for U.S. Crypto
The passing of the Crypto Market Structure Bill would mark a historic moment for the U.S. crypto industry, providing clarity and legal protection for both investors and innovators. With bipartisan momentum and a narrow path to resolution, the next few weeks could define the regulatory landscape for years to come.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
