Banks May Push for 'CLARITY 2.0' in Response to Crypto Industry Freedom

Coinbase CEO Brian Armstrong believes that banks may eventually push for the passage of 'CLARITY 2.0', which would provide greater clarity and regulation in the crypto industry.

In an interview with Scott Melker, published on September 20, Armstrong agreed with former CFTC Chairman Chris Giancarlo that banks need such legislation more than the crypto industry due to their heavier legal constraints and slower pace.

Armstrong also noted that bank lobbying contributed to the original bill's failure, as they opposed Coinbase's stablecoin rewards. This opposition leaves Coinbase free to continue offering those rewards, putting banks under greater competitive pressure.