Big banks are pushing back against competition from crypto platforms, particularly targeting language in the recently passed GENIUS Act. They argue that the act allows competitors like Coinbase to offer rewards on stablecoins, which they claim undermines their market position. Instead of improving their services, banks seem focused on creating barriers to protect their interests. A former Obama staffer recently released a paper backing the banks' viewpoint but overlooks the fundamental issues that crypto technology aims to address—inefficiencies in the traditional payment system. Meanwhile, major financial players like Visa, Stripe, Shopify, and JPMorgan are integrating crypto technology to enhance payment processes. This indicates a shift in the market where legacy systems are being challenged. Coinbase is actively forming a Global Advisory Council, including notable political figures, to guide its strategy and bolster its reputation in the crypto space. They've also expressed support for the Digital Commodities Consumer Protection Act, which aims to establish a federal regulatory framework for digital assets. Coinbase believes this legislation is essential for consumer protection and fostering innovation in the U.S. financial landscape. In previous statements, Coinbase has highlighted the Biden administration's recognition of digital assets as a key area for U.S. innovation. They emphasize the need for the U.S. to maintain its leadership in the evolving digital economy. The company is committed to engaging with policymakers and advancing discussions on the future of the financial system, focusing on the potential of blockchain technology and digital assets.