Coinbase CEO Lobbies Lawmakers to Protect Crypto Rewards

Coinbase Global Inc. chief executive officer Brian Armstrong roamed the halls of the US Capitol Thursday to assure his company would continue to be able to pay rewards to customers holding stablecoins on its platform.

The crypto exchange executive derailed digital-asset market structure legislation long-sought by his industry a day earlier with a social media post opposing a draft version that a Senate committee had planned to consider Thursday.

Coinbase Global Inc. CEO Brian Armstrong speaks to reporters on Capitol Hill Thursday.

Photographer: Aaron Schwartz/Bloomberg

Within hours of Armstrong’s social media post, Senate Banking Chairman Tim Scott announced he would postpone action on the bill, which has been years in the making.

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