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'Banks Want To Remove Your Ability To Earn Rewards When Holding Stablecoins,' Coinbase CEO Calls On Americans To Rally Against Big Banks
CoinbaseCoinbase(US:COIN) Yahoo Financeยท2025-10-05 15:15

Group 1 - Coinbase is intensifying its opposition to traditional financial institutions regarding stablecoin rewards, with CEO Brian Armstrong criticizing banks for attempting to eliminate these rewards [1][3] - The American Bankers Association and other banking groups have labeled stablecoin reward programs as a loophole in the GENIUS Act, which prohibits stablecoin issuers from paying interest to users [2] - The banking groups argue that allowing stablecoin rewards could lead to significant deposit outflows, potentially amounting to $6.6 trillion, which would adversely affect banks' lending capabilities [3] Group 2 - Armstrong asserts that banks are trying to suppress competition, which ultimately harms U.S. consumers, emphasizing that competition benefits consumers [3][4] - Coinbase is actively engaging with lawmakers, with Armstrong advocating against bank bailouts and encouraging the cryptocurrency community to voice their opposition [4][5] - The message from Coinbase highlights the inconsistency in banning crypto rewards while allowing credit card rewards, reinforcing their stance on the importance of maintaining competitive practices in the financial sector [5]