In an interview with CNBC, Armstrong called the Law on the CNBC channel an important step towards replacing an outdated financial system, since now the stabilcoins will receive legal recognition as legal assets. The businessman expects stabilcoins will become the main tool for money transfers around the world.
The head of Coinbase announced that the Genius law will help modernize the American market for payment services, which has not changed for decades. Thanks to the use of stable cryptocurrencies, international payments will be made much faster and cheaper, which can not be said about traditional money transfers, where long -term delays often happen, Armstrong said.
Soon after the public speech, Armstrong wrote in X that the emergence of the Genius law means a financial revolution. The businessman urged to accelerate the approval of another bill – Clarity, delimiting the powers between the US Securities and Exchange Commission (SEC) and the US commodity futures (CFTC).
At the end of May, Coinbase announced the opening of a new office in San Francisco. The exchange management decided four years after refusing a decentralized work model-without a traditional headquarters.
Source: Bits
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