Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Armstrong warns Senate: don’t bail out banks by banning crypto rewards

Armstrong warns Senate: don’t bail out banks by banning crypto rewards

Crypto.NewsCrypto.News2025/09/28 16:00
By:By David MarsanicEdited by Jayson Derrick

Coinbase CEO pushed back against the banks, claiming they are trying to block stablecoin rewards to protect their monopoly.

Summary
  • Coinbase CEO Brian Armstrong is lobbying for the Market Structure Act
  • He claims that banks want to ban stablecoin rewards to protect their monopoly
  • The U.S. Senate is currently deliberating on the Market Structure Act

Coinbase escalated its fight with TradFi, doubling down on its lobbying efforts and accusing banks of trying to protect their monopoly. On Monday, September 29, Coinbase CEO Brian Armstrong posted on X while in Washington, D.C., lobbying lawmakers on stablecoin regulation.

I've never been more bullish about clear rules for crypto. It’s obvious that market structure is a freight train that's left the station.

But that hasn't stopped the big banks from coming for another handout – this time paid by your crypto rewards. They want to undo your right… pic.twitter.com/hmPYmagDhj

— Brian Armstrong (@brian_armstrong) September 29, 2025

Armstrong spoke from Capitol Hill while the U.S. Senate deliberated on the Digital Asset Market Structure and Investor Protection Act. This piece of legislation , clarifying crypto rules beyond those covered by the GENIUS Act, will determine which agency is in charge of crypto regulation and extend investor protections.

“I’ve never been more bullish about clear rules for crypto. It’s obvious that market structure is a freight train that’s left the station,” said Coinbase CEO Brian Armstrong. “But that hasn’t stopped the big banks from coming for another handout – this time paid by your crypto rewards,” he added.

Banks want to ban stablecoin rewards: Armstrong

According to Armstrong, banks are trying to relitigate issues that were already settled with the GENIUS Act. Notably, he says the banking lobby is coming after stablecoin rewards.

“Banks want to ban rewards to maintain their monopoly, and we’re making sure the Senate knows bailing out the big banks at the expense of the American consumer is not ok,” Armstrong stated.

Stablecoin rewards are a contentious regulatory issue. Under the GENIUS Act, stablecoins are not allowed to pay interest. However, they are allowed to pay rewards, which some in the banking sector consider a loophole.

Notably, banks fear that stablecoin rewards could cause a capital flight from the banks. What is more, according to the April Treasury Department report , consumers might move as much as $6.6 trillion out of banks into stablecoins, potentially threatening the banks’ ability to lend.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Tether’s Next Chapter: From Offshore Issuance to Ambitions for Global Compliance Infrastructure

Can Tether evolve from an offshore issuer to a multi-chain, compliant infrastructure provider without compromising its core advantages in liquidity and distribution?

Chaincatcher2025/10/09 17:39
Tether’s Next Chapter: From Offshore Issuance to Ambitions for Global Compliance Infrastructure

What will be the peak of Ethereum?

Based on multiple historical and on-chain indicators, the article's author Michael Nadeau conducts a scenario analysis of the potential peak price of Ethereum in the current bull market, aiming to provide a quantitative reference for Tom Lee's "supercycle" hypothesis. By tracking the 200-week moving average, price-to-realized price ratio, MVRV Z-score, Ethereum-to-Bitcoin market cap ratio, and its ratio to the Nasdaq Index, the article presents a range of specific potential price targets, mainly concentrated in the $7,000 to $13,500 range.

Chaincatcher2025/10/09 17:39
What will be the peak of Ethereum?

From the 200-week moving average to the market cap ratio, estimating the peak of Ethereum in this cycle

It may not be as exaggerated as Tom Lee’s $60,000 prediction, but can we look forward to $8,000?

BlockBeats2025/10/09 17:33
From the 200-week moving average to the market cap ratio, estimating the peak of Ethereum in this cycle

When liquidity returns on-chain, Aster ignites a new cycle for BSC

In the highly competitive DEX market, the rapid rise of Aster not only demonstrates innovation in incentive structures but also reveals a renewed market preference for decentralized liquidity.

BlockBeats2025/10/09 17:33
When liquidity returns on-chain, Aster ignites a new cycle for BSC