Coinbase Intensifies Call for US Senate to Pass FIT21 Crypto Regulation Before August Recess
Coinbase, the largest US cryptocurrency exchange, has escalated its campaign urging the US Senate to vote on comprehensive cryptocurrency regulation before the August recess. Building upon its earlier advocacy, Coinbase specifically calls for support of the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill already passed by the House, to establish a federal oversight framework for crypto trading, including Bitcoin and other digital assets. Coinbase stresses that clear US crypto regulations are crucial for consumer protection, responsible innovation, and maintaining American competitiveness, as other regions like the EU and UK advance their own rules. The company highlights growing bipartisan voter support for regulatory clarity and warns that delays could drive jobs and businesses overseas. The Senate’s decision on FIT21 is set to directly influence trading activity, investor confidence, and the future direction of the US crypto sector.
Bullish
The unified summary indicates Coinbase is significantly increasing pressure on US lawmakers to advance comprehensive crypto regulations, specifically through the FIT21 Act. Clear US regulatory frameworks have historically led to increased investor confidence and market stability, reducing legal uncertainties that often cause volatility. The explicit focus on safeguarding innovation, providing investor protection, and keeping the US competitive globally is likely to be welcomed by both institutional and retail traders. The Senate’s positive action could invite more capital into the US market, encourage new crypto-related startups, and reduce the risk of businesses relocating abroad. Previous rallies have followed signs of regulatory progress in major economies. Therefore, the sentiment is bullish in both the short and long term, especially for mainstream cryptocurrencies like Bitcoin, as US regulatory clarity tends to drive growth and positive price action.