Coinbase CEO Brian Armstrong has accused major U.S. banks of attempting to sabotage President Donald Trump’s pro-crypto agenda, warning that proposed changes to a Senate market structure bill could stifle innovation, ban entire categories of digital assets and strip Americans of the ability to earn yield on stablecoins.

In a wide-ranging interview with Fox Business anchor Maria Bartiromo on Mornings With Maria, Armstrong said the latest draft of legislation emerging from the Senate Banking Committee represents a “giveaway to the banks” that risks regulatory overreach and undermines recent bipartisan progress on crypto policy.

“After reviewing the Senate Banking draft over the last 48 hours, Coinbase unfortunately can’t support this bill as written,” Armstrong said, citing provisions that would effectively ban tokenized securities, impose broad prohibitions on decentralized finance (DeFi), weaken the Commodity Futures Trading Commission (CFTC), and eliminate rewards on stablecoins.

While praising the Senate’s broader efforts — including work led by Senators Tim Scott and Cynthia Lummis — Armstrong said the draft text circulated earlier this week raised “dangerous” issues that would be harder to fix once the bill reached the Senate floor.