Coinbase CEO Brian Armstrong said banks may eventually be the ones pushing the US to pass “CLARITY 2.0,” in an interview with Scott Melker published September 20. He agreed with former CFTC Chairman Chris Giancarlo that banks need such legislation more than the crypto industry, given their heavier legal constraints, slower pace, and desire to enter the crypto custody market. Armstrong also said bank lobbying contributed to the original bill’s failure, with banks opposing Coinbase’s stablecoin rewards. He noted the bill’s failure leaves Coinbase free to keep offering those rewards, putting banks under greater competitive pressure.
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