Coinbase is actively lobbying Congress against a standalone stablecoin bill, which is approaching a floor vote. The firm asserts that it fully supports the bill but argues for its integration with a broader market structure legislation, fearing that passing the stablecoin bills first could diminish the support needed later for market structure laws. These stablecoin bills aim to legalize issuers of stablecoins, critical for integrating crypto with traditional finance. Despite widespread industry support for immediate stablecoin legislation, Coinbase, along with Andreessen Horowitz, wants both bills addressed together to ensure adequate political backing. Lawmakers view this split as increasingly frustrating, as this prolonged debate risks losing momentum and attention on crypto within Congress due to other pressing issues. Key players are now mobilizing to advocate for the swift passage of stablecoin legislation to capitalize on the current political goodwill toward crypto-related initiatives.

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