Derived from Odaily, Coinbase CEO Brian Armstrong stated on X that the company will not allow any revisions to the Genius Act, calling it a red line. He emphasized that banks are lobbying to amend the bill, which currently prohibits stablecoin issuers from offering rewards, but allows trading platforms like Coinbase to do so. Armstrong predicted that banks will eventually shift their stance to allow stablecoin interest and yield, making current efforts both futile and unethical.
Coinbase CEO Vows to Oppose Revisions to Genius Act, Calls It a Red Line
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Summary
Coinbase CEO Brian Armstrong said on X that the firm will not accept any changes to the Genius Act, calling it a red line. Banks are pushing to revise the bill, which now blocks stablecoin issuers from offering rewards but allows platforms like Coinbase to do so. Armstrong said banks will eventually support stablecoin interest, making current efforts both pointless and unethical. For those asking *what is* the Genius Act, it’s a key piece of *crypto* legislation shaping the industry.
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