Coinbase CEO slams bank lobbying on stablecoin bill

Coinbase CEO Brian Armstrong has strongly criticized the banking sector's lobbying efforts to revisit the 'Genius Act' stablecoin bill, accusing banks of overstepping their bounds, Cointelegraph reports. In a post on X, Armstrong stated that banks are pressuring Congress to stifle competition from fintech companies regarding reward payments on stablecoins and vowed to strongly oppose any attempts to amend the legislation. He predicted that banks would eventually lobby for the ability to offer interest and rewards on stablecoins themselves, calling their current actions unethical and a waste of time. The Genius Act currently prohibits stablecoin issuers from paying interest directly while allowing platforms and third parties to offer rewards.