Robin Cook 🛡️

US Policy @Coinbase. Former @ABABankers @CUNA @WeilGotshal. Dog dad. Law, politics, banking, crypto. Lots of my own opinions.

[Faryar Shirzad 🛡️ @faryarshirzad]

Hey @BrendanPedersen, there are a number of @coinbase people on the list because we hire lots of experienced national security veterans to keep our platform safe and to partner with law enforcement when they need our help. We've even won awards and commendations for the help we provide in going after illicit activity. This is a good thing.

[Amanda Tuminelli @amandatums]

@EleanorTerrett @SenLummis Tell me you haven't read the bill without telling me, JD.

https://t.co/0PxaHHlW44

[Patrick Witt @patrickjwitt]

This is an odd clip. I find it hard to believe that the CEO of a major BBB could be this uninformed about a major piece of financial legislation.

The Clarity Act “doesn’t do anything for AML/BSA.” Really? Have you read Titles II or III?

“It allows them to effectively pay interest on deposits.” False. Section 404 explicitly prohibits digital asset companies from paying any form of interest or yield on a stablecoin balance in a manner that is “economically or functionally equivalent to the payment of interest or yield on an interest-bearing bank deposit.”

It is becoming increasingly clear that bank opposition to the Clarity Act is more about personality than policy.

[Robin Cook 🛡️ @robinrcook]

Thanks for having me @BrodyMullinsDC - today was a historic day for the Banking Committee to advance CLARITY on a bipartisan basis. On to the Senate Floor!

[535 News @the535news]

A major crypto bill is moving through Congress. What would it actually do - and how did we get here?

Robin Cook, Director of U.S. Policy at @coinbase, breaks it down.

[Robin Cook 🛡️ @robinrcook]

This is a very bad view of the back of my head.

[Jasper Goodman @Jasper_Goodman]

Coinbase CEO Brian Armstrong is making the rounds on Capitol Hill ahead of the big Senate Banking crypto vote on Thursday

He was just standing in Sen. Catherine Cortez Masto’s office

CCM is a key Dem negotiator on the bill

[Robin Cook 🛡️ @robinrcook]

@DavidDuong @CoinbaseInsto Thank you @DavidDuong - really enjoyed working with you!

[Senator Thom Tillis @SenThomTillis]

.@Sen_Alsobrooks and I have worked on a bipartisan basis with all stakeholders to address the banking industry’s concerns about deposit flight. They have had a seat at the table and have been directly sharing their feedback and ideas for months to inform the final product. We have worked in good faith with all sides throughout this process to encourage compromise and to avoid letting the perfect become the enemy of the good.

The result is a substantially improved, consensus-based product. Our compromise prohibits stablecoin rewards from resembling interest on bank deposits, our core concern over deposit flight.

Our compromise also allows crypto companies to offer other forms of customer rewards. Most importantly, it helps put us on a bipartisan path to pass the CLARITY Act, providing the regulatory certainty needed to foster innovation. Some in the banking industry may not want either of these things to happen, and we respectfully agree to disagree.

[Paul Grewal @iampaulgrewal]

Judging by my feed, the rewards language released last night was either a complete giveaway to @coinbase, a complete capitulation by @coinbase to the banks, or had nothing whatsoever to do with @coinbase.

I’d say that means it’s the right language. Onward.

[Stand With Crypto🛡️ @standwithcrypto]

Today, we hand-delivered a message to Washington.

Over 28,000 Americans signed our petition this week, asking the Senate one thing: mark up the CLARITY Act.

We're watching. We're organized. And we're voting. 🇺🇸

[Patrick Witt @patrickjwitt]

ICBA is doing its members a huge disservice over this issue. As communicated to their leadership ad nauseam, an outright prohibition on stablecoins rewards is dead on arrival.

Were ICBA to succeed in defeating CLARITY over this issue (doubtful), their “reward” would be that GENIUS controls. Which, if ICBA’s argument is to be believed, would be catastrophic to their members. As they say: play stupid games, win stupid prizes.

Instead of committing continued lobbying malpractice, ICBA should be enthusiastically supporting the compromise that Senators Tillis and Alsobrooks have reached, which addresses the issue of idle yield head-on in a way that can actually become law.

[Stand With Crypto🛡️ @standwithcrypto]

North Carolina SWC advocates have consistently made their voices heard in support of stablecoin rewards, calling 1500+ times and sending 12k+ emails.

There are 70k SWC advocates in NC who are counting on lawmakers to protect their financial future.

Don't let them down.

[Patrick Witt @patrickjwitt]

The compromise reached by Senators Tillis and Alsobrooks addresses concerns about deposit flight head on.

It’s hard to explain any further lobbying by banks on this issue as motivated by anything other than greed or ignorance.

Move on.

[Greg Xethalis @xethalis]

Yesterday there were some threads on how long Market Structure has been worked on. If you’re in industry or at a law firm working on behalf of clients, it’s your dedicated work. But there are cohorts of staffers (mostly still on the Hill) who have been working on this stuff for the better part of a decade because they have a passion for it and care.

HFSC/Banking and Ag (across different gavel control), and individual offices (both sides of the aisle). This has been a labor of love for them and they have spent enormous time trying to understand these markets and craft reasonable laws to allow for rational regulation.

It is time to pass CLARITY. This is their hard work, their legacy. Get it done.

[Brian Armstrong @brian_armstrong]

We agree. Thank you @SecScottBessent for saying it. It's time to pass the Clarity Act.

Grateful for all the bipartisan work among Senators and staff over the past several months to make this a strong bill.

[Robin Cook 🛡️ @robinrcook]

@BankersPrez @WSJ @nytimes @AmerBanker Beautiful tribute - thank you for posting. I loved the chance to get to work with her.

[Patrick Witt @patrickjwitt]

Arguably my favorite part of this rewards/yield debate has been when bankers say “if we allow this, then we’ll see massive deposit flight.”

Crypto has already been offering rewards/yield on stablecoins FOR YEARS.

Where is the deposit flight? Is it in the room with us right now?

[Alex Johnson @AlexH_Johnson]

[Whispers] Yield-bearing payment stablecoins aren’t the problem you should be worrying about. There are already plenty of high-yield options out there (from banks and non-banks). Your customers are your customers because they value the other things you do for them.

[Patrick Witt @patrickjwitt]

Can someone please explain to me the logic here?

No compromise on CLARITY means no restrictions on intermediaries offering stablecoin rewards. If you believe the banks’ argument about deposit flight, this would be catastrophic.

Feels like I’m watching an arsonist threaten to burn down their own home.

[Robin Cook 🛡️ @robinrcook]

Thanks to the @milkeninstitute for hosting a great discussion on stablecoins and U.S. crypto leadership today. It's clear stablecoins are here to stay. The question now is how to modernize the system to implement GENIUS and allow innovation to grow, scale, and develop.

[Robin Cook 🛡️ @robinrcook]

@standwithcrypto @masonlynaugh Congrats @masonlynaugh - exactly the right person at this time!