Coinbase CEO Armstrong calls the bill 'bank protectionism,' arguing that it hinders crypto innovation and fairer financial competition. The bill's progress is currently stalled, showing that the industry's pushback is having an effect. Armstrong's key points: 1. The bill is essentially a tool driven by bank lobbying, aimed at suppressing competition in the crypto industry. 2. The bill bans 'yield-bearing stablecoins,' which currently offer an annual yield of about 3.8%, while traditional bank savings accounts average only 0.14%. 3. Stablecoin funds are 100% invested in U.S. Treasury bonds, with ample reserves, making them safer than the fractional reserve system used by banks. 4. Crypto companies can compete fairly with banks in the lending space, but the bill essentially helps banks eliminate their competitors. 5. There are 52 million crypto users in the U.S. who will be directly impacted. Background on the bill: This is a 300-page Senate crypto regulatory bill. It was originally scheduled for markup on January 15, 2026, but has been delayed due to the withdrawal of support from industry giants like Coinbase. The industry strongly opposes provisions in the bill that restrict DeFi and tokenized assets.