According to a report from CoinWorld, Coinbase CEO publicly rebuts the banking industry, stating that banks are attempting to maintain their monopoly by obstructing stablecoin rewards. The confrontation between Coinbase and the traditional finance (TradFi) sector has escalated, not only increasing lobbying efforts but also accusing banks of trying to uphold their monopoly. On September 29 (Monday), Coinbase CEO Brian Armstrong posted on platform X while lobbying lawmakers on stablecoin regulatory issues in Washington, D.C. At that time, the U.S. Senate was reviewing the (Digital Asset Market Structure and Investor Protection Act), and Armstrong made the aforementioned comments on Capitol Hill. The act clearly stipulates the cryptocurrency rules not covered by the (Cryptocurrency Transparency and Investor Protection Act) (GENIUS Act, officially known as the Digital Asset Transparency and Investor Protection Act), which will determine which agency is responsible for cryptocurrency regulation and strengthen protections for investors.
