Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong urged Congress on Thursday to enact laws ensuring fair competition, following the postponement of the cryptocurrency market structure bill.
Armstrong Pushes For Stablecoin Rewards
Speaking to CNBC, Armstrong advocated for a “level playing field” while enacting legislation in Congress.
“This is allowed, this is not allowed. Now, all American companies compete. Try to build the best products and services.” That’s great. What’s not great is if the banks can put their thumb on the scale to try to kill some of their competition,” Armstrong argued.
He emphasized the importance of consumers’ rights to earn 3.8% on their stablecoins.
“People in America should be able to earn more money on their money,” the cryptocurrency mogul added. “And so we’re going to keep fighting for our customers’ rights and the 52 million Americans who use crypto every day.”
Notably, the Federal Deposit Insurance Corporation reported the national average for savings accounts at 0.39% APY in December 2025.
Coinbase’s Withdrawal Impacts Legislation
Armstrong’s comments came after Coinbase withdrew its support for the cryptocurrency market structure bill, hours before lawmakers were set to vote on the legislation. The withdrawal led to an indefinite postponement of the bill’s markup.
The primary objection centers around a rule that would prohibit cryptocurrency platforms from paying rewards on idle stablecoin balances, which does not apply to traditional banks offering interest on dollar deposits.
Stablecoin rewards are a key revenue source for Coinbase, largely tied to interest on USDC (CRYPTO: USDC) reserves shared with Circle (NYSE:CRCL).
Price Action: Coinbase shares rebounced 1.01% in after-hours trading after closing 6.48% lower at $239.28 during Thursday’s regular trading session, according to data from Benzinga Pro.
The stock maintains a weaker price trend over the short, medium, and long terms with a poor Momentum ranking, according to Benzinga’s Edge Stock Rankings.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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