Stalled Legislative Talks
Coinbase CEO Brian Armstrong recently stated that the main obstacle to crypto market structure legislation isn't banks themselves, but rather the lobbying groups within the banking industry.
These groups view crypto as a threat, insisting it's a zero-sum game where banks must win and crypto must lose.
Stablecoin Rewards Under Fire
Since legislative efforts stalled in the Senate Banking Committee last month, banking lobbyists have pushed to ban stablecoin rewards during White House meetings.
Armstrong criticized this stance as short-sighted, emphasizing that updated legislation could offer real benefits to the banking sector.
Real Concerns for Smaller Banks
He added that smaller banks are more worried about deposits flowing to large institutions than about crypto issuers.
Coinbase is currently providing crypto infrastructure support to five of the world's largest banks, helping them navigate this evolving landscape.