Coinbase CEO Brian Armstrong expressed optimism that US senators are making significant progress on cryptocurrency market structure legislation, despite the ongoing government shutdown. He revealed that approximately 90% of the legislative framework is agreed upon, with the remaining 10% focusing primarily on decentralized finance (DeFi). Armstrong emphasized the importance of carefully addressing these issues to protect innovation, advocating for regulation of centralized intermediaries like Coinbase rather than the underlying protocols. He also highlighted the need to preserve stablecoin rewards, referencing the GENIUS Act passed earlier this year which established federal standards for stablecoin reserves, transparency, and consumer protections. Armstrong criticized big banks for attempting to undermine this legislation for their own financial gain. Banking lobbyists have expressed concern over the GENIUS Act, particularly its restrictions on interest payments by stablecoin issuers but not on exchanges, which some fear could be exploited. Overall, the bill is nearing completion, suggesting a promising path forward for crypto regulation in the US. Source: Brian Armstrong. Related: Boom in RWA tokenization expected after passing of GENIUS Act — Aptos exec. More details at https://cointelegraph.com/news/brian-armstrong-senate-crypto-legislation-genius-act-stablecoin