Coinbase Urges Congress to Pass Crypto Bills Amid $100M PAC Funding

Coinbase is urging Congress to pass three long-awaited crypto bills: the Clarity Market Structure Act, the Genius Act for stablecoins, and the Anti-CBDC Surveillance State Act. The company has contributed nearly $100 million to a crypto-focused political action committee to support crypto-friendly candidates. Coinbase's COIN Chief Legal Officer Paul Grewal emphasized the need for "sensible rules" to maintain America's global competitiveness in finance and technology.

Several long-awaited cryptocurrency bills, including the Clarity Market Structure Act, the Genius Act for stablecoins, and the Anti-CBDC Surveillance State Act, have faced a significant hurdle in the US Congress. On July 15, a key procedural vote to consider these measures was shot down by lawmakers from both parties [2].

The failure of the procedural vote is a blow to the crypto industry, which was hoping for a series of legislative wins this week to provide clarity and long-sought legitimacy to the digital asset industry [2]. The bills, which were widely expected to pass, cannot move forward until the House approves rules of debate for the legislation. The final tally of the surprise vote was 196 in favor and 223 against [1].

The measures had been backed by President Donald Trump, who hailed "Crypto Week" during a post on his Truth Social platform earlier Tuesday and urged all House Republicans to vote "yes" on the measure [1]. However, several conservative Republicans joined with Democrats in blocking the procedural vote, leading to the failure of the rule [2].

One of the bills in limbo after the failed vote is the GENIUS Act, which passed the Senate last month with some Democratic support. The GENIUS Act seeks to regulate stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg [1]. Another bill, the CLARITY Act, would establish rules for whether an asset is regulated as a security by the Securities and Exchange Commission or as a commodity overseen by the Commodity Futures Trading Commission [1]. The third proposal would prevent the Federal Reserve from creating a central bank digital currency [1].

The failure of the rule during what is being billed as "Crypto Week" was a rare instance of House Republicans refusing to take direction from Trump [1]. Republican leaders have not clarified yet whether a second vote would be for an identical rule and the same bills, or whether members would make changes to the package to satisfy GOP conference members who opposed the current motion [1].

Crypto-linked stocks turned lower after the vote failed. Shares of the stablecoin company Circle dropped more than 7% on the news, while Coinbase fell more than 4%. Shares of the digital asset firm MARA Holdings dipped more than 2% [1].

Coinbase, a prominent cryptocurrency exchange, has been urging Congress to pass these bills. The company has contributed nearly $100 million to a crypto-focused political action committee to support crypto-friendly candidates [3]. Coinbase's COIN Chief Legal Officer Paul Grewal emphasized the need for "sensible rules" to maintain America's global competitiveness in finance and technology [3].

The fate of these bills remains uncertain, and further developments are expected as lawmakers continue to discuss the matter [2].

References:
[1] https://www.cnbc.com/2025/07/15/trump-crypto-bills-fails-key-hurdle-congress.html
[2] https://www.straitstimes.com/business/companies-markets/bitcoin-falls-after-major-crypto-bills-backed-by-trump-hit-snag-in-us-congress
[3] https://decrypt.co/330251/crypto-market-structure-clarity-act-defi-us-industry