Brian Armstrong Demands 'Level Playing Field' In Congressional Laws — Coinbase CEO Accuses Banks Of Stifling Competition

Core Viewpoint - Coinbase CEO Brian Armstrong is advocating for legislation that ensures fair competition in the cryptocurrency market, particularly following the postponement of the cryptocurrency market structure bill [1][4]. Group 1: Legislative Advocacy - Armstrong emphasized the need for a "level playing field" in Congress, arguing against banks having undue influence over competition in the cryptocurrency space [2]. - He highlighted the importance of consumers being able to earn higher returns on their stablecoin investments, specifically advocating for a 3.8% return [3]. Group 2: Market Structure Bill - Coinbase's withdrawal of support for the cryptocurrency market structure bill led to its indefinite postponement, which occurred just hours before a scheduled vote [4]. - The primary concern regarding the bill is a proposed rule that would prevent cryptocurrency platforms from offering rewards on idle stablecoin balances, a practice that traditional banks can still engage in [5]. Group 3: Revenue Implications - Stablecoin rewards are a significant revenue source for Coinbase, particularly linked to interest on USDC reserves shared with Circle [5].