The CEO of a certain exchange is actively lobbying US lawmakers to protect cryptocurrency rewards.
PANews, January 16—According to Bloomberg, the CEO of an exchange, Brian Armstrong, met with lawmakers on Capitol Hill to lobby primarily against potential restrictions on stablecoin rewards. Armstrong stated that banking lobby groups are attempting to push legislation that would limit stablecoin rewards, which would hinder the crypto industry’s ability to compete with banks for capital. He believes that Americans should have the right to earn higher yields on their funds, while banks are concerned they would be forced to raise deposit rates for their customers as a result.
Previously, Armstrong opposed a draft digital asset market structure bill that the Senate committee planned to review, after which committee chairman Tim Scott announced a delay in action on the bill. The compromise clause in the draft originally prohibited the payment of deposit yields but allowed other forms such as trading rewards. However, senators are expected to vote on an amendment that would impose a comprehensive ban on stablecoin rewards, and the outcome remains uncertain.
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