Coinbase’s chief of policy, Faryar Shirzad, hails the bipartisan momentum behind the US Senate’s recent approval of the GENIUS Act.
In a recent interview with CNBC, Shirzad said the subsequent legal clarity around stablecoins is a pivotal moment for the future of blockchain-enabled payments in the United States.
The upper chamber passed the aforementioned stablecoin bill with the support of 18 Democrats – an outcome Shirzad described as “the largest ever bipartisan majority on crypto legislation.”
According to him, if a few absent senators had been present, the tally could have reached as high as 70 votes in favour.
That, he added, signals a “two-thirds majority” that bodes well for continued progress in the House and a broader transformation of the American payments landscape.
Stablecoin bill dubbed a catalyst for modern payments
Shirzad drew a compelling parallel between the current moment in crypto and the early days of the internet.
“Think of it as though we’re in 1990 and we’re talking about the internet and its potential to speed up communication, he told CNBC, adding, “it’s the same thing” with crypto and financial transfers.
Highlighting the inefficiencies of the US payment system – still built largely on 20th-century tech – Shirzad argued that blockchain can deliver cross-border transactions at a fraction of the time and cost currently involved.
“We’re on the verge of a payments revolution,” he noted, and stablecoins are just the first piece of that puzzle.
While the stablecoin legislation provides much-needed regulatory clarity, Coinbase’s chief policy officer said the industry needs a broader framework around crypto market structure as well.
“Our hope is now that the Senate has moved on stablecoins, we’ll get similar action on market structure,” he revealed, stressing that both elements are essential to unlocking the full potential of crypto innovation.
Blockchain investments to accelerate as uncertainty wanes
For Coinbase as well as other corporations in the digital assets space, the stakes are rather high.
Regulatory ambiguity has long been cited as a major barrier to innovation, but Shirzad believes the tide is turning.
With a clearer federal framework on the horizon, Coinbase expects a surge in R&D spending as companies feel more confident about deploying capital.
According to Coinbase’s chief of policy, there already are “investment dollars sitting out there ready to build the next generation of the financial system,” and those funds could now be unleashed thanks to legislative clarity.
While there still are differences between competing bills, such as the GENIUS Act and the House’s earlier Stable Act, they’re unlikely to derail the broader bipartisan momentum, he added.
In Shirzad’s view, the market is approaching an inflection point. With Washington finally taking action, he believes the groundwork is being laid for a financial system where blockchain no longer sits on the fringe but powers the core.
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