Trump Meets Coinbase CEO Armstrong Before Attacking Banks Over GENIUS Act

U.S. President Donald Trump held a private meeting with Coinbase CEO Brian Armstrong before posting on Tuesday that banks are trying to undermine the GENIUS Act and what he called a powerful crypto agenda, CoinDesk and Politico reported citing two unnamed sources. In his Truth Social comments, Trump said the U.S. needs to resolve market structure issues quickly, argued Americans should be able to earn more on their money, and warned that crypto policy clarity under the Clarity Act must be addressed so the agenda does not shift to China and other countries. The market structure bill has been stalled in the Senate Banking Committee amid opposition from banks, which argue that interest on stablecoins could impact deposits and lending, while crypto exchanges contend that individuals should be allowed to earn rewards on their stablecoin holdings under the GENIUS Act, and JPMorgan CEO Jamie Dimon said Tuesday that interest-paying stablecoin issuers should face bank-like rules. Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, countered that view by saying the GENIUS Act explicitly bars stablecoin issuers from lending out or rehypothecating underlying dollars and that "Stablecoins ≠ Deposits," while crypto-related stocks including COIN rallied Wednesday, with COIN trading above $200 for the first time since late January.