Regulatory Developments: US Crypto Bills and Industry Support

Coinbase executives are advocating for US lawmakers to understand the interconnection between stablecoin and market structure bills as part of a comprehensive regulatory framework for the cryptocurrency industry.

During the Blockchain Futurist Conference, Shan Aggarwal, Coinbase's chief business officer, emphasized that the ongoing deliberations in Congress regarding the CLARITY market structure bill and the GENIUS stablecoin bill are pivotal for the onchain economy.

He described stablecoins as necessary 'oil' that will facilitate the growth of tokenized assets, asserting that an increase in stablecoin supply will enhance capital flow into new digital assets, thus invigorating the ecosystem.

Scott Meadows, Coinbase's interim head of business development, echoed this sentiment, noting that the clarity provided by the GENIUS Act is generating significant institutional interest as businesses grasp clearer operational rules.

However, despite the enthusiasm, progress has been hindered by the current US government shutdown and partisan divisions affecting the Responsible Financial Innovation Act in the Senate. Coinbase CEO Brian Armstrong recently visited Washington D.C. to engage lawmakers on these issues, asserting that there is broad agreement on approximately 90% of the legislative framework.

Meanwhile, as the US pushes for these regulatory advancements, other regions are also taking steps to bolster their digital asset policies. For instance, the Thai Digital Asset Association has called on the next government in Thailand to sustain its support for digital assets, citing a decline in the country's position in the Global Crypto Adoption Index.

The TDA has warned that without consistent backing, Thailand risks falling behind regional competitors like Vietnam and Singapore, which are actively enhancing their regulatory frameworks to attract investment in digital currencies.

The GENIUS Act has further spurred global interest in stablecoins, as countries seek to emulate the US approach to digital finance. The TDA president highlighted that Thailand, once a pioneer in digital asset regulation, must ensure that digital asset promotion remains a priority to regain its competitive standing in the global market.

He emphasized that with the right policies, Thailand could re-emerge as a leader in digital asset adoption, especially with upcoming events like Thailand Blockchain Week aimed at showcasing the country's potential in this evolving sector.