Coinbase CEO says reopening GENIUS Act is ‘red line,’ slams bank lobbying

Coinbase CEO Brian Armstrong warned that reopening the GENIUS Act would cross a “red line,” accusing banks of lobbying Congress to block stablecoin rewards and limit competition.

Coinbase CEO Brian Armstrong said any attempt to reopen the GENIUS Act would cross a “red line,” accusing banks of using political pressure to block competition from stablecoins and fintech platforms.

In a Sunday post on X, Armstrong said he was “impressed” banks could lobby Congress so openly without backlash, adding that Coinbase would continue pushing back on efforts to revise the law. “We won’t let anyone reopen GENIUS,” he wrote.

“My prediction is the banks will actually flip and be lobbying FOR the ability to pay interest and yield on stablecoins in a few years, once they realize how big the opportunity is for them. So it’s 100% wasted effort on their part (in addition to being unethical),” Armstrong added.

Read more