Coinbase CEO Brian Armstrong is hopeful that US senators will push through major cryptocurrency legislation by Thanksgiving. He states that 90% of the framework is agreed upon, with remaining issues surrounding DeFi and stablecoin rewards. Armstrong criticizes big banks for opposing the GENIUS Act, which sets federal standards for stablecoins.

Banking lobbyists are pushing back against the GENIUS Act, claiming that it allows interest payments through a loophole. The Bank Policy Institute argues that the Act could be easily evaded by exchanges like Coinbase, allowing them to indirectly pay interest to stablecoin holders. This opposition highlights the concerns of the banking industry towards stablecoins.

Read more at Cointelegraph: Brian Armstrong Says Senate Nears Crypto Market Structure Legislation