Coinbase CEO Brian Armstrong expressed optimism that US senators are making significant progress on cryptocurrency market structure legislation, despite the current government shutdown. Armstrong revealed that about 90% of the legislative framework has already been agreed upon, with the remaining issues primarily revolving around decentralized finance (DeFi). Lawmakers are carefully navigating these to protect innovation while ensuring proper regulation of centralized intermediaries like Coinbase, rather than the underlying protocols.
Armstrong also emphasized the importance of preserving stablecoin rewards following the passage of the GENIUS Act earlier this year, which established federal standards for stablecoin reserves, transparency, and consumer protections. He criticized banking industry efforts to undermine these protections, warning that big banks are attempting to block progress for their own financial interests.
The banking lobby, particularly groups like the Bank Policy Institute, opposes certain provisions of the GENIUS Act, arguing that excluding exchanges from interest payment restrictions creates loopholes. Despite pushback, Armstrong remains confident that senators are working diligently to finalize the legislation ahead of Thanksgiving, fostering a bipartisan agreement that balances innovation with regulation.
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