Coinbase CEO: Big banks are trying to 'kill the competition' through crypto regulation

Core Viewpoint - Coinbase CEO Brian Armstrong expressed concerns over a Senate crypto bill that he believes unfairly favors banks, suggesting that the industry should compete on a level playing field [1][4]. Group 1: Industry Concerns - Armstrong stated that many in the cryptocurrency industry share Coinbase's concerns regarding the legislation, emphasizing the negative impact on customers who may receive worse deals from banks due to the bill's provisions [1][2]. - The disagreement centers around whether stablecoin holders should receive reward payments, highlighting the conflict between banks and crypto firms [4]. Group 2: Legislative Actions - The Senate Banking Committee has postponed a vote on the crypto market structure legislation amid pushback from the industry, indicating significant opposition to the proposed bill [2]. - Armstrong felt it was necessary to advocate for customers and all Americans, reflecting the broader implications of the legislation [2]. Group 3: Banking Relationships - Despite the ongoing disputes, Armstrong acknowledged that some banks are adopting a positive approach towards digital assets and are engaging in partnerships with Coinbase for crypto and stablecoin infrastructure [6][7]. - He criticized the lobbying efforts of banks, suggesting they aim to eliminate competition rather than foster a collaborative environment [9].