Trump met Coinbase CEO Brian Armstrong before criticizing banks over crypto bill

CoinDesk confirmed that U.S. President Donald Trump held a closed-door meeting with Coinbase CEO Brian Armstrong shortly before Trump posted on Truth Social criticizing banks for attempting to undermine the GENIUS Act, a major cryptocurrency bill. Trump stated Americans should earn more on their money and warned that without clarity, the powerful Crypto Agenda would benefit other countries. Politico first reported the meeting, noting it preceded Trump's social media post where he urged banks to "make a good deal with the Crypto Industry" to advance the stalled digital asset legislation. The bill is stalled in the Senate Banking Committee because banks argue that stablecoin interest payments could negatively affect bank deposits and lending, while crypto exchanges contend the GENIUS Act allows individuals to earn rewards on stablecoin holdings. JPMorgan CEO Jamie Dimon recently argued stablecoin issuers paying interest should be regulated like banks, a claim disputed by Patrick Witt of the President’s Council of Advisors for Digital Assets, who clarified that the GENIUS Act forbids the lending activities that necessitate bank-like regulation.

(Source：CoinDesk)