Coinbase CEO "Revision of the GENIUS Act absolutely unacceptable... can't trust banks' lobbying"
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- Coinbase CEO strongly opposed attempts to reamend the GENIUS Act and said he cannot trust the banking sector's political lobbying.
- The bill states that stablecoin issuers are prohibited from paying interest directly to users, but allows rewards through platforms or third parties.
- Fintechs and exchanges have left open the possibility of providing benefits to stablecoin users through new reward methods.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Brian Armstrong, CEO of Coinbase, the largest U.S. virtual asset (cryptocurrency) exchange, strongly opposed attempts to reamend the stablecoin regulatory bill 'GENIUS Act (GENIUS Act)' and publicly criticized the banking sector's political lobbying.
On the 27th (Korean time), Armstrong tweeted on X (formerly Twitter), "Changing the GENIUS Act again is out of the question," and claimed, "Banks are pressuring Congress to block competition."
He went on, "It's actually surprising that banks can lobby so openly without any pushback," and said, "Coinbase will fight to the end to stop the law from being amended." He added, "We will not let anyone touch the GENIUS Act again."
He also predicted that banks would change their stance in a few years. Armstrong said, "Within a few years banks will lobby to be able to pay interest and returns on stablecoins," adding, "They will eventually realize how big the opportunity is. This lobbying is not only unethical but a waste of time."
Armstrong's strong remarks came after questions were raised that banks were pushing to reamend the GENIUS Act to limit reward structures related to stablecoins.
Earlier, on the 19th, Max Avery, Head of Business Development at Digital Ascension Group, tweeted on X that "Banks know that the reward revenue structure of stablecoins is larger than the benefits they provide to their depositors, and are slapping on the guise of a financial stability threat to stablecoins to demand tougher regulation."
He also criticized, "The GENIUS Act was already agreed upon after months of negotiations," adding, "Even though it was already a settled matter, the banking sector is trying to amend the bill through lobbying."
The GENIUS Act specifies that stablecoin issuers are prohibited from paying interest directly to users, but allows rewards through platforms or third parties (rewards). Accordingly, fintechs, exchanges, and others in the industry have left open the possibility of providing benefits to stablecoin users through their own methods.
