As per HashNews, Coinbase CEO Brian Armstrong stated on X that banks are discussing amendments to the Genius Act with the U.S. Congress. Coinbase will not allow any modifications to the bill, calling it a red line, and will continue to protect the interests of customers and the crypto industry. Armstrong added that banks may change their stance in the future as they recognize the significant business opportunities brought by stablecoins, and the U.S. Congress might eventually allow stablecoins to earn interest and yield. The current Genius Act prohibits stablecoin issuers from offering rewards, but exchanges like Gemini, Coinbase, and Kraken are already included in the existing bill. If traditional banks revise the bill to ban such activities, it could hinder stablecoin innovation.
Coinbase CEO Rejects Proposed Changes to Genius Act, Calls It a Red Line
KuCoinFlashShare
Summary
Coinbase CEO Brian Armstrong voiced strong opposition to proposed changes to the Genius Act, calling it a red line. He emphasized that Coinbase will not support any amendments that could harm the crypto industry news or stifle innovation. Armstrong noted that banks may shift their stance as they see the potential in stablecoins. The current bill bans stablecoin rewards, but exchanges like Gemini, Coinbase, and Kraken are already covered. If banks push for stricter rules, it could slow down industry trends in stablecoin development.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.