Coinbase CEO Urges US Lawmakers to Protect Stablecoin Rewards Amid Proposed Ban

The evidence strongly and consistently supports the statement that the CEO of Coinbase, Brian Armstrong, has publicly accused banks of working to undermine competition from the crypto industry. Multiple primary sources directly quote Armstrong making this claim. For instance, he is quoted as stating that a proposed Senate bill is designed to 'kill rewards on stablecoins, allowing banks to ban their competition.' He has also publicly stated his belief that the U.S. Congress prioritizes 'banks margins' over consumers, implying that banks are using their influence to protect their financial interests at the expense of crypto innovation.This position is further corroborated by high-authority secondary sources. Multiple Nasdaq articles report that Coinbase, with attribution to Armstrong, argues that certain legislative provisions would give banks an unfair advantage and intentionally 'undermine competition' from crypto-native firms. Additionally, a public statement from Coinbase's Chief Legal Officer reinforces this view, claiming that banks are lobbying against crypto to protect their profits. There is no conflicting evidence among the provided sources. The sources that do not directly mention banks are irrelevant to this specific claim, as they focus on other reasons for Coinbase's opposition to certain legislation (such as concerns over regulatory jurisdiction) and do not contradict the statements made elsewhere. The volume of direct quotes and corroborating reports from high-level executives and reputable media outlets confirms that Brian Armstrong has made these public statements.