Coinbase CEO Accuses Banks of Undermining Crypto Policies
- Coinbase CEO accuses banks of undermining Trump’s crypto policies.
- Bipartisan Senate draft bill faces opposition.
- Concerns over stablecoin and DeFi regulations.
Brian Armstrong, CEO of Coinbase, has accused banks of undermining President Trump’s crypto agenda by pushing legislation in the Senate aimed at weakening pro-crypto policies.
Armstrong’s criticism highlights tensions as traditional banks push for legislation that could hinder stablecoin and DeFi developments, impacting the broader digital asset market.
Brian Armstrong, CEO of Coinbase, stated that banks are trying to undermine President Trump’s crypto agenda by promoting Senate legislation that weakens pro-crypto policies, particularly affecting stablecoins and DeFi.
The involvement of Senators Tim Scott and Cynthia Lummis, alongside the Senate Banking Committee, highlights bipartisan efforts in drafting legislation. Armstrong emphasized that banks are protecting their profits at the expense of average Americans.
The draft bill, if passed, may significantly impact stablecoins, tokenized securities, and DeFi protocols. Armstrong warns of potential adverse effects on financial markets and the broader crypto industry.
Political and regulatory dynamics are highlighted as banks push for changes that could weaken the CFTC’s role and strengthen the SEC. Such shifts may disrupt existing market frameworks.
Amid market uncertainty, Armstrong’s comments underscore tensions between traditional banking sectors and emerging crypto innovations.
The implications of this legislation could shift financial landscapes, raising questions about long-term innovation and regulatory frameworks. Historical precedents, like the GENIUS Act, inform current debates with potential lasting impact.
“The banks are really coming and trying to undermine the president’s crypto agenda. They’re trying to protect their own profit margins, taking money out of the pockets of hardworking, average Americans and putting it into the coffers of big banks hitting record profits.” – Brian Armstrong
