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Senate's Next Market Structure Draft May Be Pro-Crypto, but without Dems, Industry Fears
- On Tuesday in Davos, Brian Armstrong, CEO of Coinbase, defended users and accused banking interests of trying to ban competition while Coinbase withdrew support for the CLARITY Act last week.
- Banks then launched a last-minute lobbying offensive to insert language into the CLARITY Act and warned in a January 13 letter that deposits were at risk, the American Bankers Association said.
- Despite Fed rate hikes, major banks benefit as the American Bankers Association spent more than $2 million lobbying, and Coinbase works with five of the top 20 banks, which see crypto as an opportunity.
- Shortly, the Senate Banking Committee postponed the CLARITY Act markup as no clear timeline exists, while the White House intervened to resolve disputes between two major donor interest groups.
- Regulators caution financial watchdogs warn stablecoin rewards risk consumers while the CLARITY Act would shift oversight to the CFTC and banking lobbyists seek to close this loophole.
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Crypto and Big Banks Fight Over Who Gets to Fleece You
Wall Street and the crypto industry are engaged in a legislative battle over which business interests will get to fleece more of their customers’ money, with big banks hoping to close a loophole that allows cryptocurrencies to pay interest to investors.
Brian Armstrong said in Davos that the banking lobby against stablecoin rewards harms consumers.
·Brazil
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Coinbase’s Armstrong Optimistic on Crypto Legislation Despite Pulling Support Earlier
Coinbase Global Inc.’s Brian Armstrong still sees a path for the US to pass comprehensive crypto legislation even after helping to derail a bill last week just before it reached a key Senate committee over concerns around a host of issues.
·United States
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Total News Sources56
Leaning Left3Leaning Right1Center2Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 33%
R 17%
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