Banks May Push for 'CLARITY 2.0' Legislation Due to Own Needs and Desires
According to Coinbase CEO Brian Armstrong, banks may eventually push for 'CLARITY 2.0' legislation in the US. This prediction comes after former CFTC Chairman Chris Giancarlo stated that banks need such legislation more than the crypto industry does.
In an interview with Scott Melker on September 20, Armstrong agreed with Giancarlo's assessment, noting that banks have heavier legal constraints and a slower pace compared to the crypto industry. Additionally, Armstrong believes that banks desire to enter the crypto custody market is another reason they may push for 'CLARITY 2.0'. He also mentioned that bank lobbying contributed to the original bill's failure.
Armstrong specifically cited Coinbase's stablecoin rewards as an example of how banks are being put under competitive pressure due to their inability to offer similar services. This leaves them at a disadvantage compared to cryptocurrency companies like Coinbase, which can continue offering such rewards without regulatory hurdles.