Coinbase CEO Brian Armstrong Urges Lawmakers to Protect Stablecoin Rewards
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: seekingalpha
- Legislative Opposition: Coinbase CEO Brian Armstrong expressed his opposition to the Senate Banking Committee's crypto market structure draft bill, arguing that it could limit rewards for stablecoins and undermine competition between crypto firms and traditional banks.
- Concerns Over Rewards: Armstrong warned that the bill might effectively ban stablecoin rewards, preventing Americans from earning more on their money, which would increase pressure on banks to raise rates to attract customers.
- Legislative Delay: Senate Banking Committee Chairman Tim Scott announced a delay in action on the bill, with Armstrong stating that advancing it would be premature and that further consideration of amendments is necessary.
- Impact on Market Competition: Armstrong emphasized that restricting stablecoin rewards would negatively affect competition between the crypto market and traditional banks, potentially leading consumers to choose lower-yield bank products, thereby impacting the overall financial ecosystem.
Analyst Views on COIN
Wall Street analysts forecast COIN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for COIN is 400.63 USD with a low forecast of 266.00 USD and a high forecast of 510.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
22 Analyst Rating
15 Buy
6 Hold
1 Sell
Moderate Buy
Current: 255.860
Low
266.00
Averages
400.63
High
510.00
Current: 255.860
Low
266.00
Averages
400.63
High
510.00
About COIN
Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides a platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. It offers consumers their primary financial account for the cryptoeconomy; institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and developers a suite of products granting access to build onchain. Its platform helps people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and global transfers. It offers products and services to various customer groups: individuals, businesses, institutions, and developers. Its transaction products consist of consumer trading, prime Trading, markets, base protocol and Coinbase wallet.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
