Coinbase CEO Brian Armstrong Accuses Banks of Undermining Trump’s Crypto Agenda 

Coinbase CEO Brian Armstrong accused major U.S. banks of attempting to undermine President Donald Trump's pro-crypto agenda through proposed changes in a Senate market structure bill. Speaking on Fox Business, Armstrong stated that the latest draft from the Senate Banking Committee was a "giveaway to the banks" that risks regulatory overreach and stifles innovation. Coinbase cannot support the bill as written due to provisions that could ban tokenized securities, impose broad DeFi prohibitions, weaken the CFTC, and eliminate yield on stablecoins.

Armstrong specifically highlighted stablecoin rewards as a central conflict, arguing that legislation signed by President Trump (the GENIUS Act) explicitly allowed issuers to pay yield, which benefits average Americans. He asserted that banks are trying to protect their profit margins. He contrasted stablecoins, which he noted must be 100% backed by U.S. Treasuries, with fractional-reserve banking, arguing stablecoins pose less systemic risk and should not face the same regulations or mandatory FDIC insurance.

Furthermore, Armstrong criticized language that would subordinate the CFTC to the SEC, favoring the House-passed CLARITY Act's delineation of oversight. While remaining optimistic for revisions, Armstrong issued a firm warning: "It's better to have no bill than a bad bill," stating he would prefer no legislation if it bans competition or harms ordinary Americans by prohibiting new products like tokenized equities.

(Source：Bitcoin Magazine)