Work on cryptocurrency rules is still underway in the US Senate, even as other parts of the government are shut down, according to Coinbase
$1.77B
CEO Brian Armstrong.
In a video posted on X, Armstrong said lawmakers are moving closer to agreeing on a set of laws to guide how crypto markets operate, with the possibility of a breakthrough by Thanksgiving.
He stated that about 90% of the proposed law is already settled, which leaves a small portion still being discussed. Armstrong explained that most of the remaining debate involves how to handle decentralized finance (DeFi).
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He noted that regulation should focus on companies that provide crypto services, such as Coinbase, rather than on the software protocols themselves.
Armstrong also pointed to stablecoin regulations as another area of concern. In June, Congress passed the GENIUS Act, which set federal standards for how stablecoins must be backed, disclosed, and managed to protect users.
While the law blocks stablecoin issuers from offering interest, it does not prevent crypto platforms from doing so.
Armstrong claimed that some major banks are pushing back against the GENIUS Act because it allows crypto exchanges to offer what he called “stablecoin rewards”. He added:
The big banks are coming for their cash grab. We’re not going to let them re-litigate that.
Recently, Armstrong shared his views on recent legislative progress concerning digital assets in the US. What did he say? Read the full story.
