Coinbase Jumps 6.85% As CEO Cautions Senate: Don’t Destroy Crypto To Protect Banks
Following the Federal Reserve’s (FED) rate cut earlier this month, Coinbase’s shares jumped 6.85%, marking a positive start to the week despite persistent bearish headwinds.
On 29 September 2025, Coinbase’s shares hit a high of $334.38 before closing at $333.99, pushing its market value to $85.81 Bn.
(Source: Nasdaq)
The overall crypto market saw a 2.5% boost, pushing the total value to $3.86 Tn.
Bitcoin
0.52%
Bitcoin
BTC
Price
$113,417.40
0.52% /24h
Volume in 24h
$50.79B
Price 7d
rose to $113k while
Ethereum
0.80%
Ethereum
ETH
Price
$4,138.17
0.80% /24h
Volume in 24h
$26.50B
Price 7d
rose by 2.8%.
The rally was fueled by a major investment from BlackRock, which deposited $206 million in ETH and $38 million in BTC into Coinbase Prime.
Coinbase’s shares gained 28.4% this year, but at $330.23, it’s still 21.3% below the July 2025 peak of $419.78.
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Brian Armstrong Set Firm Against TradFi Institutions Lobbying Against Stablecoin Rewards
Meanwhile, on 29 September 2025, Armstrong met with lawmakers in Washington to advocate for clearer rules around stablecoins. During this trip, he posted on X, accusing big banks of trying to block crypto rewards to protect their market dominance.
While visiting Capitol Hill, he penned his thoughts on X as the US Senate reviewed major crypto bills, namely the Digital Asset Market Structure and Investor Protection Act.
This legislation goes beyond the GENIUS Act and aims to clarify how regulators should handle digital assets. Also, it decides which federal agency will oversee crypto markets and strengthen protections for investors.
“I’ve never been more bullish about clear rules for crypto. It’s obvious that market structure is a freight train that’s left the station,” he said.
“But that hasn’t stopped the big banks from coming for another handout – this time paid by your crypto rewards,” Armstrong further added.
I've never been more bullish about clear rules for crypto. It’s obvious that market structure is a freight train that's left the station.
But that hasn't stopped the big banks from coming for another handout – this time paid by your crypto rewards. They want to undo your right… pic.twitter.com/hmPYmagDhj
— Brian Armstrong (@brian_armstrong) September 29, 2025
Armstrong believes that banks are trying to reopen debates that the GENIUS Act already settled, especially around stablecoin rewards. Armstrong emphasised that while the law clearly bans stablecoins from paying interest, it still permits companies to distribute rewards to holders.
That distinction, however, has become a topic of controversy, with some banks viewing rewards as a loophole that could undermine their business.
In his post on X, Armstrong cautioned that the banking lobby is now targeting those rewards. The banks fear that the rewards might potentially cause users to migrate their funds out of traditional finance systems to stablecoins.
Official data backs this claim. A Treasury Department report from April 2025 suggests that up to $6.6 Tn could move from banks into stablecoins, which could seriously impact banks’ ability to lend.
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Meanwhile, Snorter ICO Surges Past $4.15M
As regulatory tensions rise, crypto-native tools are gaining traction among retail users. One standout is Snorter Bot Token (SNORT), a Telegram-based trading bot built on Solana
Solana
1.13%
Solana
SOL
Price
$208.07
1.13% /24h
Volume in 24h
$6.57B
Price 7d
and expanding to ETH
Ethereum
0.80%
Ethereum
ETH
Price
$4,138.17
0.80% /24h
Volume in 24h
$26.50B
Price 7d
and other EVM chains.
Snorter combines meme coin culture with real-world trading utility. It offers sub-second token sniping, copy trading, staking rewards and automated swaps directly within chat.
The project’s presale has now blown past $4.15M, with over 2600 investors participating just weeks ahead of its token launch.
Its native token, $SNORT, powers premium features like dynamic stop-losses, limit orders and access to the bot’s quirky “Snort CAM”, a meme-fueled dashboard.
With the presale wrapping soon, the time is ripe to grab Snorter tokens at their lowest price before they hit exchanges. You can buy them on the Snorter Bot Token site using SOL, ETH, BNB, USDT, USDC or your credit card.
Once purchased, the tokens can be staked right away through Snorter’s platform, offering up to 114% APY.
For a smoother experience, the team suggests using Best Wallet, a trusted, non-custodial wallet that works well with WalletConnect and is widely regarded as one of the best crypto and Bitcoin wallets available.
Best Wallet is available on both Google Play and the App Store. To stay updated, follow Snorter on X and Instagram.
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Key Takeaways
- Coinbase’s shares gained 6.85% on the back of Fed rate cut news
- CEO Brian Armstrong cautioned against TradFi lobbies working against stablecoin reward systems
- Coinbase gained 28.4% this year, but at $330.23, it’s still 21.3% below the July 2025 peak of $419.78
- TradFi fears stablecoin rewards could migrate funds from banks to stablecoins to the tune of $6.6 Tn
The post Coinbase Rallies 6.85% As CEO Warns Senate: Don’t Kill Crypto To Save Banks appeared first on 99Bitcoins.
