Coinbase CEO: Will not allow the "Genius Act" to be amended, this is Coinbase's red line

Coinbase CEO Brian Armstrong posted on the X platform that banks are lobbying the U.S. Congress to amend the GENIUS Act, and Coinbase will not allow anyone to modify this act, which is a red line for Coinbase, and will continue to uphold the interests of customers and the cryptocurrency industry.

Brian Armstrong added that he personally predicts that in a few years, once banks realize the huge business opportunities brought by stablecoins, they will change their stance and lobby Congress to allow stablecoin interest and yield payments, so what they are doing now is completely futile (and also unethical), and the innovator's dilemma always exists.

It is reported that the current GENIUS Act requires stablecoin issuers not to provide stablecoin rewards, but trading intermediary platforms like Gemini, Coinbase, and Kraken can, and this has already been included in the current legislation. If traditional bankers amend the act to prohibit such actions, it will hinder stablecoin innovation.