Coinbase CEO on failed crypto bill: Some things in bill we were surprised by and had issues with

Summary

Brian Armstrong, CEO of Coinbase, joined CNBC to discuss the failed Senate Banking Committee draft of the crypto market-structure bill. He outlined objections to the draft, including restrictions on rewards, insufficient CFTC oversight, and DeFi issues, and argued he would rather have no bill than a bad bill. Armstrong said a better bill would create a level playing field for crypto companies and highlighted stablecoins as a safe, high-yield alternative to bank deposits. The interview also covered the timeline for revised legislation and Coinbase's continued engagement with lawmakers.

• Brian Armstrong discussed the Senate Banking Committee's crypto market-structure bill draft.
• He objected to provisions on rewards, CFTC oversight, and DeFi.
• Armstrong said he prefers no bill to a bad bill and wants a new draft.
• He argued for a level playing field so crypto companies can compete with banks.
• He called stablecoins an opportunity for banks and crypto firms.
• Armstrong said stablecoins are fully reserved in short-term U.S. Treasuries and safer than bank deposits.
• He said consumers should be able to earn 3.8% on stablecoin rewards.
• The interview discussed timing and the risk that the current draft would kill several things.