Donald Trump Holds Private Meeting with Coinbase CEO

U.S. President Donald Trump held a private meeting with Coinbase CEO Brian Armstrong shortly before publicly accusing banks of attempting to undermine the pro-crypto GENIUS Act and calling for swift passage of the Clarity Act. According to Politico, the meeting occurred as digital asset legislation stalled in Congress due to disputes between banks and crypto firms over interest-bearing stablecoins. Banks argue such products could drain deposits and weaken lending capacity, while crypto companies maintain the GENIUS Act allows consumers to earn rewards on stablecoin holdings without the risks associated with bank deposits. Trump later posted on Truth Social urging banks to reach a deal with the crypto industry and warning that delays could push innovation overseas. The debate has drawn responses from financial leaders such as JPMorgan CEO Jamie Dimon, who said interest-bearing stablecoin issuers should face bank-level regulation, while White House digital asset adviser Patrick Witt argued the GENIUS Act already prohibits lending or rehypothecation of stablecoin reserves. Crypto-related stocks, including Coinbase (COIN), rose above $200 amid the broader market rally following the political developments.