- CEO Brian Armstrong’s comments come as the odds of the CLARITY Act being signed into law this year on Polymarket rose to 90% from 60%, a day ago.
- Stablecoin rewards remain the central sticking point between banks and crypto firms.
- “I wouldn’t say we blocked it,” said Armstrong following recent accusations that his holdout was delaying advancement of the CLARITY Act.
Coinbase (COIN) CEO Brian Armstrong said on Wednesday that the market structure bill for crypto is “making great progress” and he anticipates a “win-win-win” outcome.
In a post on X, he that it will be a win for the crypto industry, the banking industry and the consumer. His comments come as the odds of the CLARITY Act being signed into law this year on Polymarket rose to 90% from 60%, a day ago. A third round of talks between the crypto industry and banks is reportedly going to take place on Thursday.
Armstrong was at the World Liberty Forum in Florida to talk with crypto companies, bank representatives and senators to see if solution on market structures. “I wouldn’t say we blocked it. In fact, nobody, I think in the crypto space has been working harder on this over the last few years to try to get some legislation,” he told CNBC. “What we did say was that the current draft, we had some issues with it.”
Banks And Crypto Clash Over Stablecoin Rewards
The banking committee’s side of the bill was scheduled to be taken up for discussion in the Senate in January. However, disagreement over how stablecoin rewards should function has stalled its advancement. Banks are seeking to close what they view as a loophole left by the GENIUS Act and to ban companies like Coinbase from offering rewards to consumers for holding stablecoins. Meanwhile, the crypto industry has proposed that stablecoin yields should remain available to consumers within decentralized finance (DeFi).
The two sides have until the end of the month to reach a resolution, in line with the February-end deadline set by Washington. Armstrong has been one of the most vocal opponents of a ban on stablecoin rewards, arguing that consumers and not companies, are the primary beneficiaries.
Crypto Market’s Stalled Alongside CLARITY Act
While the CLARITY Act has been stalled at Senate, the cryptocurrency market continues to trade rangebound. Bitcoin (BTC) took a hit on Thursday after the minutes from the latest Federal Open Market Committee (FOMC) meeting in January indicated that the Federal Reserve is open to hiking interest rates if inflation remains sticky.
Bitcoin’s price dipped 1.1% in the last 24 hours to around $66,900, with altcoins taking a bigger hit. Solana (SOL) led losses among crypto majors, down more than 4% in the last 24 hours and Ethereum (ETH) slid back below $2,000, down 0.9% in the last 24 hours, to around $1,975.
Meanwhile, COIN’s stock rose over 1% in overnight trade following a dip of 1.19% in regular trade. On Stocktwits, retail sentiment around the crypto exchange remained in ‘extremely bullish’ territory over the past day, with chatter in ‘extremely high’ territory.
One user applauded how much influence Armstrong wields in the crypto sector.
Another expressed confidence ahead of the upcoming White House meeting, saying a third round of talks could finally produce a breakthrough and potentially spark a rally in crypto markets.
The overall cryptocurrency market fell 1.4% in the last 24 hours to $2.37 trillion.
Read also: Bitcoin Falls To $66K With Solana, XRP Leading Losses After Fed Minutes Signal Rate Hike
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