GENIUS Act Gains Support from a16z’s Chris Dixon and Coinbase’s Brian Armstrong

The main figures in the industry, such as Chris Dixon and Brian Armstrong, have publicly supported the Bipartite Guidage and National Innovation Establishment Law for Stablescoins (Engineering).

This approval became before a key vote of the Senate scheduled for this Thursday.

Industry support

Presented in February 2025 by Senator Bill Hagerty, the law on engineering is co -worked by the president of the Senate Banking Committee Tim Scott, alongside Senators Kirsten Gillibrand and Cynthia Lummis. The main objective of the bill is to establish a federal framework on licenses and supervision for payment stables and the companies that issue them. Chris Dixon of A16Z rented The proposal saying:

“The engineering law will protect consumers and increase transparency – a significant improvement in the status quo.”

Although he admitted that the bill was not perfect and will need changes, he stressed how important he is for the Senate to follow his bipartite work.

Dixon also noted that quickly traveling to this legislation and a market structure bill would finally give consumers and businesses the clear rules they were waiting for. According to him, it would help the United States stay ahead of the blockchain leadership.

Likewise, CEO of Coinbase Brian Armstrong describe The legislative program of the week as a major opportunity for Congress to advance both stablecoin and the wider legislation of the market structure.

“We strongly support the Senate’s starting debate on the law on genius-and we need 60 votes to get there,” he said.

He also welcomed the efforts of the Chamber to rely on the momentum created by the law on financial innovation for the law of the 21st century (Fit21). According to him, an urgent and coordinated action of the two is important if complete legislation must be adopted before August.

The law on engineering described which is eligible for issuing payment stables and establishes clear criteria to become an issuer authorized by the federal government. The proposed rules encourage issuers to obtain appropriate licenses while establishing rules on how foreign and unauthorized entities can operate on the American market. In doing so, it plans to create a more consistent and regulated environment for stablescoins nationally.

Legislative

The initiative is part of a broader movement towards a complete regulation of cryptography. On April 2, the transparency and responsibility of the stablecoin for a better act of 2025 of the economy of the Grand Book (stable) were adopted by the Committee of Financial Services of the Chamber.

According to Bryan Steil, president of digital assets, financial technology and the subcommittee of artificial intelligence, it gives the office of the Currency Controller (OCS) the power to approve and supervise the non-banking Federal Stablecoin issuers.

Legislation also aims to protect consumers, strengthen the global role of the US dollar and support the growth of web 3 in the United States.