"Coinbase CEO Brian Armstrong has accused major U.S. banks of attempting to sabotage President Donald Trump's pro-crypto agenda, warning that proposed changes to a Senate market structure bill could stifle innovation, ban entire categories of digital assets and strip Americans of the ability to earn yield on stablecoins. In a wide-ranging interview with Fox Business anchor Maria Bartiromo on Mornings With Maria, Armstrong said the latest draft of legislation emerging from the Senate Banking Committee represents a "giveaway to the banks""
""After reviewing the Senate Banking draft over the last 48 hours, Coinbase unfortunately can't support this bill as written," Armstrong said, citing provisions that would effectively ban tokenized securities, impose broad prohibitions on decentralized finance (DeFi), weaken the Commodity Futures Trading Commission (CFTC), and eliminate rewards on stablecoins. While praising the Senate's broader efforts - including work led by Senators Tim Scott and Cynthia Lummis -"
"At the center of the dispute is stablecoin rewards. Armstrong argued that recent legislation, including the GENIUS Act signed into law under President Trump, explicitly enabled stablecoin issuers to pay yield, a feature he described as critical to giving Americans better returns on their money. "The banks are really coming and trying to undermine the president's crypto agenda," Armstrong said. "They're trying to protect their own profit margins, taking money out of the pockets of hardworking, average Americans"
Major U.S. banks are accused of attempting to sabotage President Trump's pro-crypto agenda by influencing a Senate market-structure bill. The Senate Banking Committee's draft could stifle innovation, ban tokenized securities, broadly prohibit decentralized finance (DeFi), weaken the Commodity Futures Trading Commission (CFTC), and eliminate rewards on stablecoins. The draft is described as a "giveaway to the banks" and is viewed as risking regulatory overreach while undermining recent bipartisan progress on crypto policy. Stablecoin yield provisions enabled by recent legislation, including the GENIUS Act, are asserted to be critical for providing Americans with better returns.
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