Coinbase CEO calls banking lobby's stablecoin push a red line

Coinbase CEO Brian Armstrong has strongly criticized the banking lobby's attempts to renegotiate a stablecoin bill, stating that they are trying to cross a red line, according to Cointelegraph. In a post on X, Armstrong accused banks of pressuring the U.S. Congress to block competition from fintech companies regarding the payment of rewards on stablecoins. He emphasized that he would strongly oppose any attempts to amend the legislation. Armstrong predicted that banks will eventually lobby for the ability to offer interest and rewards on stablecoins themselves, describing their current efforts as unethical and a waste of time. The bill in its current form prohibits stablecoin issuers from paying interest directly but allows platforms and other third parties to provide rewards.