Brian Armstrong’s Stance on Banking Institutions
Brian Armstrong, the CEO of Coinbase, has taken a firm stance against traditional banking institutions, asserting that they are retaliating against the rise of stablecoin rewards to safeguard their economic dominance. This declaration came as Armstrong lobbied U.S. lawmakers on stablecoin regulations on September 29 in Washington, D.C.
Call for Transparent Guidelines
While addressing the Senate during discussions on the Digital Asset Market Structure and Investor Protection Act, Armstrong emphasized the necessity for transparent guidelines in the cryptocurrency sector. He remarked:
“I’ve never been more optimistic about the need for clear and consistent frameworks for crypto. The market dynamics are speeding ahead, and it’s crucial we get this right.”
Criticism of the Banking Sector
Armstrong criticized the banking sector, stating:
“However, the big banks are trying to seize another financial advantage – this time at the expense of your rewards earned through crypto. They’re attempting to undermine the rights that consumers have gained.”
