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Coinbase CEO is actively lobbying lawmakers to ensure continued rewards to stablecoin holders
BlockBeats News, January 16th. According to Bloomberg, Coinbase CEO Brian Armstrong met with lawmakers on Capitol Hill to ensure his company can continue offering rewards to users holding stablecoins on the platform. Armstrong stated that banking lobbies are trying to legislate limits on stablecoin rewards, which would hinder the crypto industry's ability to compete for funds with banks. He believes that Americans should have the right to earn a higher yield on their funds, while banks are concerned they would be forced to raise deposit rates to match.
Previously, Armstrong opposed a draft of a digital asset market structure bill planned for review by a Senate committee, after which committee chair Tim Scott announced a delay in action on the bill. The draft compromise initially banned payment for deposit yields but allowed for other forms of transaction rewards. However, senators are expected to vote on an amendment that would comprehensively ban stablecoin rewards, with the outcome remaining uncertain.
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