Brian Armstrong warns banks against reopening GENIUS Act

Coinbase chief executive Brian Armstrong has warned banks not to push for changes to the GENIUS Act, calling any attempt to reopen the law a red line.

In a post on social media platform X on Sunday, Armstrong accused parts of the banking sector of using political pressure to suppress competition from stablecoins and fintech firms.

We won’t let anyone reopen GENIUS.

Brian Armstrong said, adding that Coinbase would actively oppose any effort to revise the legislation.

He said he was surprised banks could lobby Congress so openly without triggering wider public backlash.

Armstrong argued that reopening the Act would slow innovation rather than improve consumer protection.

He described the push as a defensive move by incumbents rather than a response to genuine financial risk.

Armstrong predicted that banks’ opposition to stablecoins would eventually reverse.

My prediction is the banks will actually flip and be lobbying FOR the ability to pay interest and yield on stablecoins in a few years.

Brian Armstrong said.

He labelled current efforts to restrict stablecoin rewards as “100% wasted” and “unethical.”