TechFlow News: On February 19, according to CoinDesk, Coinbase CEO Brian Armstrong stated at the World Liberty Forum on Wednesday that the entire banking industry—not individual banks—has caused the impasse over the Digital Asset Market Clarity Act. These groups operate with a zero-sum mindset, believing that banks can only win if crypto loses, and they insist on banning stablecoin rewards. Armstrong noted that smaller and mid-sized banks are not concerned about deposits flowing to stablecoin issuers but rather about deposits shifting to large banks; moreover, Coinbase has already provided cryptocurrency infrastructure to the world’s top five banks, and other banks are actively hiring for blockchain-related positions.
Armstrong expects the next draft of the bill to grant new rights to banks in exchange for their support of stablecoin rewards. A White House mediation meeting was held last week, with another scheduled for this Thursday. The bill passed the House of Representatives last year but stalled last month in the Senate Banking Committee.
