Coinbase CEO Actively Lobbying US Congress Members to Protect Crypto Rewards

According to Bloomberg, Coinbase CEO Brian Armstrong is meeting with members of the US Congress on Capitol Hill to lobby primarily on potential restrictions facing stablecoin rewards. Armstrong stated that banking lobbying groups are attempting to legislate restrictions on stablecoin rewards, which would hinder the ability of the crypto industry to compete for funds with banks. He believes that Americans should have the right to earn higher returns on their funds, while banks are concerned about being forced to raise deposit rates for customers. Previously, Armstrong opposed a draft of the Digital Asset Market Structure Act that was planned for review by the Senate committee, which was later postponed by committee chairman Tim Scott. The draft compromise originally prohibited interest payments on deposits but allowed for trading rewards and other forms. However, senators are expected to vote on an amendment that would completely ban stablecoin rewards, with the outcome still uncertain.

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