Coinbase CEO Brian Armstrong stated that banks could be granted additional benefits in updated market structure legislation to encourage their acceptance of stablecoin rewards. He pointed out that banking trade groups are obstructing the approval of this bill, creating challenges for reforms in the market structure. Stablecoins, a type of digital cryptocurrency typically pegged to stable assets like the US dollar, provide stability in financial transactions. Coinbase, one of the world’s largest cryptocurrency exchanges, seeks regulatory easing to promote the use and rewards of such cryptocurrencies, aiming to offer better financial services to users. The market structure bill intends to make financial markets more transparent and efficient, but differing interests and concerns among stakeholders, particularly banking sector organizations, have hindered its passage. These groups worry that stablecoin rewards could introduce new complexities and risks to the financial system. If approved, the bill could bring significant changes to the cryptocurrency industry, facilitating easier use of stablecoins and new financial services for consumers. However, continued resistance from banking trade groups may impede crypto market growth and delay the implementation of innovative financial models. Overall, this situation underscores the need for further dialogue and compromise between the cryptocurrency sector and traditional financial institutions to seamlessly integrate innovation into the financial system.
Source: coindesk
