RFIA Crypto Bill Nears Senate Passage with Broad Support
Coinbase CEO Brian Armstrong says the RFIA crypto bill has secured strong bipartisan support in the Senate, resolving 90% of markup disputes after roundtables with Democrats and Republicans. A leaked proposal to regulate DeFi platforms was dismissed as “not serious,” keeping the focus on centralized intermediaries to avoid stifling DeFi innovation. The draft RFIA crypto bill is expected within weeks, with a committee vote before Thanksgiving and likely Senate passage in December. Armstrong compares its impact to the GENIUS Act stablecoin framework, forecasting a surge in USD-backed stablecoin adoption and crypto payment activity, reinforcing the US dollar’s global role. Traders and 50 million US crypto users should monitor these developments for potential market shifts.
Bullish
The RFIA crypto bill’s strong bipartisan backing and clear timeline reduce regulatory uncertainty, which typically boosts market confidence. In the short term, traders may see increased volume in USD-backed stablecoins as anticipation builds ahead of the committee vote and Senate passage. Long term, the framework could drive broader institutional adoption and payment use cases, reinforcing the dollar’s role and supporting sustained growth in crypto markets.