The post Coinbase CEO accuses big banks of undermining Trump’s pro-crypto agenda appeared on BitcoinEthereumNews.com.

Coinbase co-founder and CEO Brian Armstrong claimed that major U.S. banks are trying to undermine Donald Trump’s pro-crypto agenda. He warned that proposed changes to a Senate market structure bill could slow economic growth by stifling innovation, limiting certain cryptocurrencies, and preventing Americans from earning interest on their stablecoins. During an in-depth interview with Fox Business under the host of Maria Bartiromo on Mornings With Maria, Armstrong highlighted that the most recent version of the Senate Banking Committee’s proposed legislation serves the interest of banks, therefore, cautioned that this could result in over-regulation, ending up harming recent bipartisan moves concerning crypto policy. Consequently, the industry executive stated that Coinbase carefully reviewed the Senate Banking Committee draft over the last 48 hours and concluded that it cannot support the bill in its current form. To further explain this decision, the CEO indicated that specific parts of the bill would come close to prohibiting tokenized securities, implement comprehensive regulatory constraints on the DeFi sector, weaken the Commodity Futures Trading Commission (CFTC), and eliminate rewards for stablecoins.  Armstrong identifies several risks associated with the recently shared Senate Banking draft Armstrong expressed gratitude for the Senate’s collective efforts, particularly those of Senators Tim Scott and Cynthia Lummis. However, the industry executive sparked concern after alleging that the draft shared recently posed serious threats that would be difficult to address upon reaching a final vote on the Senate floor. According to him, the primary issue concerns the rewards associated with stablecoins. Regarding this problem, Armstrong asserted that recently enacted crypto regulations, such as the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act), which Trump signed into law, permitted stablecoin issuers to offer interest. He perceived this as crucial for enabling Americans to acquire returns on their investments.  “The banks are really trying…

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Filed under: News - @ January 17, 2026 3:27 am