TechFlow news — On January 20, according to The Block, Coinbase CEO Brian Armstrong said he will continue advancing work on the U.S. crypto market structure bill during the World Economic Forum this week. Armstrong plans to meet with banking executives in Davos to bridge differences and position stablecoins as a win-win opportunity for both crypto firms and traditional banks.
Last week, Coinbase withdrew its support for the bill after draft language emerged that would prohibit crypto companies from paying interest on idle stablecoin balances. The banking industry has strongly opposed such yield offerings by crypto firms, arguing they could lead to deposit outflows from traditional savings accounts and create financial instability.
Following Coinbase's withdrawal, the Senate Banking Committee has postponed its scheduled hearing. Armstrong said he will relay the outcomes of his discussions with bank executives to the Senate and the government to help move the legislative process forward.
