Brian Armstrong says banks are pressuring lawmakers to curb stablecoin rewards, warning Coinbase will fight any effort to rewrite the bill.
Coinbase CEO Brian Armstrong warned that any attempt to reopen the GENIUS Act would cross a “red line,” accusing banks of lobbying Congress to limit stablecoin rewards and protect their deposit base.
In a Sunday post on X, Armstrong said he was “impressed” banks could lobby Congress so openly without backlash, adding that Coinbase would continue pushing back on efforts to revise the law. “We won’t let anyone reopen GENIUS,” he wrote.
“My prediction is the banks will actually flip and be lobbying FOR the ability to pay interest and yield on stablecoins in a few years, once they realize how big the opportunity is for them. So it’s 100% wasted effort on their part (in addition to being unethical),” Armstrong added.
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