Coinbase CEO Brian Armstrong says banks are trying to “kill” crypto competition under the current Crypto Clarity Act.

Coinbase and Brian Armstrong have served as guidance for the US Government and policymakers for the last few months, especially as the US has become more pro-crypto. Several bills loosening restrictions on digital assets have already been passed in the US. The latest bill would’ve loosened restrictions on the crypto industry even further, but Armstrong pointed out several flaws in the bill.

Furthermore, Senate lawmakers have already proposed over 75 amendments to the bill. The latest proposal suggests that paying stablecoin yield will be banned, although some types of rewards may be allowed. But the language around exactly what kind of rewards would be permitted isn’t straightforward, according to Coinbase. Typically, many would be defeated or withdrawn before they’re added to the actual legislation, so it remains unclear what the finished crypto bill will look like, especially after the Coinbase CEO’s latest statement.

Coinbase (COIN) stock is down 3.3% to $247.32 at press time. Since the turn of the year, share prices have rebounded, but the stock is down 1% since December 15.