Coinbase CEO Brian Armstrong explains his opposition to the Clarity Act on “Mornings with Maria.”
Coinbase CEO Brian Armstrong revealed why the cryptocurrency giant chose to withdraw its support for a key Senate crypto bill during an interview on “Mornings with Maria.”
“It just seemed deeply unfair to me that one industry (banks) would come in and be able to seize regulation to shut out their competitors,” Armstrong told FOX Business. “They should be forced to compete on a level playing field, and I truly believe that.”
Armstrong told FOX Business anchor Maria Bartiromo that “much of the industry” shares Coinbase’s concerns about the legislation, saying he felt obligated to defend customers who he says are getting a worse deal from banks thanks to the bill’s provisions.
SENATE BANKING COMMITTEE POSTPONES VOTE ON CRYPTO MARKET STRUCTURE LEGISLATION AMID INDUSTRY REFUSAL
“I declined to give my opinion on whether the hearing, the markup should happen or not. … But I felt like I had to speak for our clients and all Americans here.”
Brian Armstrong, co-founder and CEO of Coinbase Inc., speaks at the Singapore Fintech Festival in Singapore on November 4, 2022. (Bryan van der Beek/Bloomberg via Getty Images/Getty Images)
As the head of a cryptocurrency giant, Armstrong’s decision to withdraw Coinbase’s support for the bill had repercussions on Capitol Hill.
At the center of the dispute is a disagreement between banks and crypto companies over whether stablecoin holders should receive rewards.
The United States Capitol on July 1, 2025, in Washington, DC (Al Drago/Getty Images / Getty Images)
Despite the conflicts, Armstrong noted that some banks have taken a reasonable approach to digital assets.
SEN RICHARD BLUMENTHAL: CRYPTO IS A BET THAT OUR FINANCIAL SYSTEM DOES NOT NEED
“A lot of these banks are actually very smart,” he said. “The business side of the bank is crypto-enabled. They actually do deals with Coinbase. We power a lot of crypto and stablecoin infrastructure for them on the business side.”
The CEO accused banks’ lobbying operations of trying to restrict competition, but expressed optimism that lawmakers could still resolve the bill’s outstanding issues.
The Coinbase logo at the Imax building in London on July 10, 2025. (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)
CLICK HERE TO GET FOX BUSINESS ON THE GO
“And then their lobbying arm comes to Washington and views this as a zero-sum game and tries to kill the competition,” Armstrong said. “So I guess, like many things, if we put the principles together, we can actually figure this out and make a good deal.”
