Top executives at Coinbase, including CEO Brian Armstrong, have reignited calls for Congress to take immediate action on crypto market structure legislation, comparing it to "oil for the onchain economy." In recent statements, they emphasized that regulatory clarity is crucial for U.S. leadership in blockchain innovation, warning that delays could force companies to move operations offshore.
Despite bipartisan interest, progress has stalled due to political gridlock and concerns over investor protection. Proposed bills, such as the Financial Innovation and Technology for the 21st Century Act (FIT21), have yet to pass, leaving the U.S. at risk of falling behind regions like the EU and Asia. Armstrong highlighted that stablecoins, particularly USDC, could play a pivotal role, with legislation enabling them to function as interest-bearing payment instruments akin to savings accounts.
Armstrong stated, "Onchain interest is the ability of a stablecoin to function as a form of payment and directly deliver interest earned on reserve assets to the stablecoin holder, effectively an interest-bearing checking account." This shift could boost institutional adoption, merchant integration, and overall market liquidity, transforming crypto into mainstream financial tools.
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