Coinbase CEO pushed back against the banks, claiming they are trying to block stablecoin rewards to protect their monopoly.
Summary
- Coinbase CEO Brian Armstrong is lobbying for the Market Structure Act
- He claims that banks want to ban stablecoin rewards to protect their monopoly
- The U.S. Senate is currently deliberating on the Market Structure Act
Coinbase escalated its fight with TradFi, doubling down on its lobbying efforts and accusing banks of trying to protect their monopoly. On Monday, September 29, Coinbase CEO Brian Armstrong posted on X while in Washington, D.C., lobbying lawmakers on stablecoin regulation.
Armstrong spoke from Capitol Hill while the U.S. Senate deliberated on the Digital Asset Market Structure and Investor Protection Act. This piece of legislation, clarifying crypto rules beyond those covered by the GENIUS Act, will determine which agency is in charge of crypto regulation and extend investor protections.
“I’ve never been more bullish about clear rules for crypto. It’s obvious that market structure is a freight train that’s left the station,” said Coinbase CEO Brian Armstrong. “But that hasn’t stopped the big banks from coming for another handout – this time paid by your crypto rewards,” he added.
Source: https://crypto.news/
