Coinbase’s Top Policy Exec Breaks Down What the GENIUS Act Really Means

On Monday night, in a rare bipartisan move, the U.S. Senate voted 66–32 to end the Democratic filibuster blocking the GENIUS Act, a sweeping stablecoin bill that could define the future of digital asset regulation in America. As the crypto industry processes what could be its most significant legislative breakthrough, Kara Calvert, Coinbase’s VP of U.S. Policy, offers a pragmatic yet urgent interpretation of this pivotal moment—for the company, the broader market, and the evolving regulatory landscape.

A Long Time Coming, Now a Fast Track

“The future of finance is here. And the Senate is meeting the moment,”

Calvert observed in an interview hours after the Senate’s dramatic vote. 

Her tone mirrored that of an industry long frustrated by inertia finally tasting momentum. After years of political gridlock, the GENIUS Act marks the Senate's first real foray into crypto regulation, and for Coinbase, the stakes are tangible.

Stablecoins, Calvert explained, are the industry's clearest on-ramp for consumers. They’re:

• stable,
• intuitive,
• practical for payments,
• useful for remittances,
• effective in merchant transactions.

For Coinbase, which facilitates these assets through its centralized exchange, the bill represents not just a compliance breakthrough but a business opportunity.

“It’s a killer use case. Fast, cheap, and reliable payments — that’s the kind of clarity we need,”

she emphasized.

Amid political friction, the Senate moves the stablecoin bill forward — explore how the GENIUS Act defied the odds in a rare crypto policy breakthrough in our insights coverage!

But One Bill Doesn’t Fix the Whole System

Despite the excitement, Calvert was clear: stablecoin clarity is just half the battle. “Market structure legislation” — i.e., the regulatory framework for how digital asset securities and commodities are issued, traded, and governed — remains unresolved. Coinbase had originally hoped both bills would advance together.

“These markets are interconnected,” she explained. Trading pairs often include stablecoins, Bitcoin, and what could become regulated securities. Without a complete legal framework, exchanges like Coinbase face ongoing ambiguity. Still, she framed the current bill as a major first step. “If we can get this through, it's a signal the rest can follow,” she concluded.

A Chaotic but Crucial Process

Getting here wasn’t clean. Calvert described a rollercoaster:

• initial bipartisan momentum,
• a hard stall amid Democratic outrage over former President Trump’s $2 billion family-linked memecoin,
• perceived gaps in oversight,
• revived negotiations,
• Monday’s vote signaling a political compromise forged through weeks of intense, good-faith conversations.

“We’re at the one-yard line,”

she remarked.

And with Majority Leader Thune supporting an open amendment process, the days ahead could be messy but meaningful. A final vote may come before Memorial Day or just after.

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Crypto Crosses the Aisle

One of the most striking outcomes: the realignment of political forces. Where crypto was once seen as a Republican darling, the GENIUS Act saw strong support from Democrats like Kirsten Gillibrand and Angela Alsobrooks. Calvert credited the shift to grassroots pressure and pragmatic appeal: faster payments, financial access, and digital freedom.

“Crypto voters aren’t ideological. They’re everywhere,”

she pointed out.

Whether that translates into lasting bipartisan backing remains to be seen. But for now, the industry has what it long lacked: momentum.