Coinbase CEO Brian Armstrong has voiced strong opposition to a proposed cryptocurrency bill, arguing it could negatively impact U.S. consumers. In media interviews on January 16, Armstrong accused the banking industry of leveraging regulatory capture to stifle competition, despite their commercial involvement with crypto. He emphasized that stablecoins, with their 100% reserves, are safer than banks' fractional reserve systems and advocated for fair competition for crypto firms. Armstrong stated that it would be preferable to have no legislation at all rather than a flawed bill that favors banks.