"As the Senate Banking Committee prepares to debate long-anticipated legislation that would establish regulation for the crypto industry, the fate of the bill is in limbo after Coinbase CEO Brian Armstrong declared his opposition in a Wednesday night post on X. "We'd rather have no bill than a bad bill," Armstrong wrote, outlining several blockchain sector critiques, including a key battle with the banking industry over offering rewards for stablecoin holdings."
"After helping elect a wave of pro-blockchain candidates fueled by millions in campaign donations, the crypto industry notched a major win over the summer with the passage of the Genius Act, which established a regulatory framework for stablecoins, or a type of dollar-backed cryptocurrency. But market structure has proven trickier, especially after the banking lobby pushed back against provisions in the Genius Act that allows companies to offer customers yield on their stablecoin holdings, similar to savings accounts."
The Senate Banking Committee is set to debate market-structure legislation that would create a federal framework for cryptocurrency regulation, but the bill’s future is uncertain after Coinbase CEO Brian Armstrong publicly opposed key provisions. Armstrong criticized aspects of the proposal and flagged a major dispute with the banking industry over allowing rewards or yield on stablecoin holdings. The industry previously secured the Genius Act for stablecoin rules, yet market-structure questions remain contentious. The House advanced a Clarity Act version, but Senate delays, banking-lobby resistance, and ethics amendment fights could derail progress in committee.
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