Coinbase CEO: Large US banks lobbying to ban stablecoin rewards

Coinbase CEO Brian Armstrong said on X that large U.S. banks are lobbying to ban stablecoin rewards in an effort to maintain their existing monopoly. Armstrong stated that these banks are trying to eliminate the right to USDC rewards, which is protected under the stablecoin regulation bill known as the GENIUS Act. He described the move as an infringement on consumer rights and noted that Coinbase is communicating this unfairness to the Senate, arguing that consumers should not bear the cost of protecting the banks' interests. Under the current terms of the GENIUS Act, stablecoins are prohibited from paying interest, but rewards are permitted.