Coinbase CEO Brian Armstrong expressed optimism about U.S. senators advancing key cryptocurrency market structure legislation before Thanksgiving, believing that there is now far more consensus than division between the two parties.
"Despite the government shutdown, the Senate is still working to push through cryptocurrency market structure legislation," Armstrong said in a video posted on X.
According to Armstrong, about 90% of the legislative framework has been agreed upon, with the remaining 10% mainly focused on issues like decentralized finance (DeFi). He added that policymakers are looking for ways to protect innovation while ensuring that "centralized intermediaries like Coinbase should be regulated — not the protocols themselves."
Armstrong also emphasized the importance of "protecting stablecoin rewards" following the passage of the GENIUS Act earlier this year, which set federal standards for stablecoin reserves, transparency, and consumer protection.
"Big banks are engaging in cash grabs, trying to stop this," he said. "We won't let them rehash this issue."
Armstrong's criticism of the banking industry comes as many lobbyists oppose the GENIUS Stablecoin Act, particularly because they believe the bill has loopholes that allow for interest payments.
According to the Bank Policy Institute (BPI), while the GENIUS Act explicitly prohibits stablecoin issuers from offering interest or returns, this restriction does not apply to exchanges.
BPI stated that by excluding cryptocurrency exchanges like Coinbase, "the requirements in the GENIUS Act can be easily circumvented and undermined by allowing indirect interest payments to stablecoin holders."
As Cointelegraph reported, banking lobby groups are increasingly concerned that stablecoins could threaten their business model — which currently offers negligible interest to depositors. Industry insiders, including New York University professor Austin Campbell, noted that bankers are "panicking" over the prospect of stablecoin holders earning returns.
Related: President pushes for crypto, but regulation remains cautious: South Korea's policy collision
Original article: “Coinbase CEO: Despite government shutdown, cryptocurrency market structure bill is '90% complete'”
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