Coinbase CEO Brian Armstrong announced that the long-awaited U.S. cryptocurrency market structure bill is now “90% finalized,” with lawmakers from both major parties working to complete the remaining details. Despite the ongoing government shutdown, Armstrong said momentum for digital asset regulation has reached “an all-time high,” expressing optimism that the bill could be passed by the end of 2025 and potentially submitted for committee review before Thanksgiving.
The legislation aims to establish a clear regulatory framework governing cryptocurrency trading, decentralized finance (DeFi), and stablecoin rewards—areas long marked by uncertainty and fragmented oversight. Armstrong emphasized that Coinbase continues to advocate for “clear rules that protect innovation in DeFi and the right of users to earn rewards on stablecoins,” underscoring the exchange’s commitment to preserving the competitiveness of the U.S. crypto sector.
DC may be shut down, but momentum for market structure clarity is at an all-time high. I sat down with Senate Democrats and Republicans who want to get this done – we’re 90% there.
Both sides are working hard to figure out the final 10%, and we’re getting close.@Coinbase is… pic.twitter.com/EI5sShFvKA
— Brian Armstrong (@brian_armstrong) October 23, 2025
Potential impact on markets and investor confidence
Analysts expect the forthcoming bill to shape investment flows into assets such as Ethereum (ETH), USD Coin (USDC), and DeFi governance tokens. Clearer definitions of market participants and compliance responsibilities could open the door to greater institutional participation while providing investors with legal certainty.
The legislative momentum comes amid a surge in decentralized trading activity—October alone has seen record-breaking decentralized perpetual futures volumes surpassing $1 trillion, according to data from DeFiLlama. A regulated environment could strengthen investor confidence and stabilize liquidity channels across major exchanges.
A turning point for U.S. crypto policy
If passed, the bill would mark the first comprehensive federal framework for digital assets, aligning the United States more closely with the European Union’s MiCA initiative. For traders, the benefits could include more predictable rules, improved consumer protections, and expanded opportunities within the DeFi ecosystem.
Armstrong’s proactive engagement with lawmakers signals a maturing dialogue between policymakers and the crypto industry, setting the stage for a potentially transformative year for digital finance in the U.S.
