The biggest crypto company in the United States is making an unexpected move. Coinbase is asking lawmakers to delay a new stablecoin bill. This bill could be voted on in just a few weeks. But this company wants something bigger: a full crypto law that includes stablecoins and market structure together.
This strategy is creating tension inside the crypto world. Many in the industry want to pass the stablecoin bill now. But Coinbase and some of its allies are pushing for a different path.
The Stablecoin Bill Is Ready
Over the past months, lawmakers have been working on bills to regulate stablecoins. These are cryptocurrencies pegged to the U.S. dollar. They allow traders to move in and out of positions without using actual cash.
These stablecoin bills have already passed key committee votes in both the House and Senate. One of the main proposals is called the GENIUS Act. It’s expected to be voted on in the Senate within the next two weeks.
The bills have strong support from both Democrats and Republicans. Once passed, the final version would go to President Donald Trump for his signature. Trump has said he’s ready to sign the bill into law right away.
This would be a historic moment. It would be the first time the U.S. government officially approves a core part of the crypto industry.
Why Is Coinbase Against It?
Sources told Decrypt that Coinbase is holding private meetings with lawmakers. The goal? To stop the stablecoin bill from getting a vote, at least for now.
Coinbase is not alone. The crypto venture giant Andreessen Horowitz is said to be supporting this strategy too. Their idea is not to kill the bill but to delay it. They want to combine it with another law: a market structure bill called FIT21.
FIT21 is much bigger. It aims to define how the entire crypto market should be regulated. For Coinbase, this is even more important than stablecoins. Their business depends on clear legal rules for crypto trading.
One insider told Decrypt, “If we only do stablecoin, they think there might not be enough interest or time left to also do market structure.”
So, Coinbase wants Congress to wait. They hope lawmakers will merge the two bills into one big crypto law. But this could take months.
Official Statements and Disputes
Coinbase denies that it is blocking the stablecoin bill. A spokesperson said the company supports the current draft of the bill. However, they believe it would be better to pass both bills together.
“Every bipartisan step toward regulatory clarity is good for crypto and good for America,” said Kara Calvert, Coinbase’s VP of U.S. Policy. “But stablecoin legislation and market structure legislation are two sides of the same coin—just like the quarter in my pocket.”
Andreessen Horowitz did not comment on the report. However, sources say the firm is “sympathetic” to Coinbase’s strategy, even if it isn’t actively pushing lawmakers.
Industry Frustration Grows
Coinbase’s approach has not been well-received by many in the crypto industry. Most companies are eager to pass the stablecoin bill now. They see it as a major win that could boost momentum for other crypto laws.
“There’s no need to wait,” said Cody Carbone, CEO of the Digital Chamber, a top crypto lobbying group in D.C. “Congress can notch a bipartisan win today by passing the stablecoin bill and locking that leadership in the U.S. before it drifts to Beijing, Brussels, or Dubai.”
Some worry that if Congress waits too long, it could lose interest. Other issues like wars overseas, economic problems, or trade tensions with China could take priority. That would leave crypto regulation stuck again.
“Just take the win,” one frustrated industry leader told Decrypt.
Political Support for Coinbase’s View
Still, Coinbase’s strategy has supporters in Congress. Rep. French Hill (R-AR), chair of the House Financial Services Committee, agrees with the idea of combining the bills. Sources say he supports waiting on the stablecoin vote until market structure rules are added.
However, key lawmakers like Sen. Kirsten Gillibrand (D-NY) have warned that market structure legislation will take a long time. She said it could take more than five months to pass because of its complexity.
That timeline adds more pressure. If lawmakers wait for FIT21 to be ready, they could miss the chance to pass stablecoin rules this year.
Coinbase may also be feeling pressure from new legal problems. Although the SEC under the Trump administration dropped federal charges, state lawsuits are popping up again. These suits focus on whether the company is selling unregistered securities.
If Congress passes the market structure bill, it would finally clear up these legal questions. That’s another reason Coinbase wants it passed as soon as possible.
A Divided Crypto Industry
This situation is unusual. The crypto industry is usually united in its calls for regulation. But now, a small group of powerful companies is pushing against the larger industry.
Coinbase and Andreessen Horowitz are both major backers of the crypto super PAC Fairshake. They’ve spent heavily to influence crypto policy in Washington. That gives them strong connections, even if they’re in the minority on this issue.
Next week, the fight will get more intense. The Digital Chamber plans to send representatives from 40 crypto companies to Washington. Their goal is to tell lawmakers: pass the stablecoin bill now.
The next few weeks will be critical for crypto regulation in the U.S. A stablecoin bill is ready. Most of the industry wants it passed right away. But Coinbase is holding out for a bigger prize: full legal clarity for all crypto operations.
Whether lawmakers will listen to Coinbase or go ahead with the stablecoin bill remains to be seen. But one thing is certain. This debate is reshaping the future of crypto policy in Washington.
