Coinbase’s chief, Brian Armstrong, declared his unwavering belief that the United States might yet enact comprehensive legislation governing the cryptocurrency market, despite having withdrawn his backing last week from a Senate draft bill poised for a pivotal markup vote.
Summary
- Armstrong, with a resigned sigh, asserts that the derailment of a crucial U.S. crypto market-structure bill is but a temporary obstacle, not a terminal setback.
- After rescinding his support for a Senate draft he claimed favored traditional finance and threatened core crypto functions, Armstrong is now leveraging the World Economic Forum in Davos to renegotiate terms with banks and policymakers, all while muttering about “unfair advantages” and “unseen conspiracies.”
- The Coinbase CEO bets that fresh talks can still deliver comprehensive crypto legislation in 2026, though one might wonder if he’s betting on a horse or a pyramid scheme.
Armstrong’s public opposition-citing “too many giveaways to tradfi”-prompted Senate Banking Chair Tim Scott to postpone the markup of the proposed CLARITY Act, a move that left many wondering if the bill had been “traded for a few more euros at Davos.”
Speaking at the World Economic Forum in Davos, Armstrong said the path forward remains open, arguing the latest draft would have restricted core crypto functions, limited stablecoin yields, expanded government access to financial data and shifted regulatory power toward the SEC at the expense of the CFTC. Banking groups have opposed stablecoin rewards, but Armstrong accused them of trying to stifle competition-though one might argue he’s merely trying to stifle their competition.
Despite the setback, Armstrong called 2025 a banner year for crypto, pointing to the passage of the first federal framework for stablecoin issuers and growing interest from major banks, several of which already partner with Coinbase. He reiterated to Bloomberg his long-term bullish outlook, including a $1 million Bitcoin price target by 2030, and highlighted tokenization as a way to broaden access to capital markets-though one might question if “tokenization” is merely a fancy term for “selling dreams.”
Bitcoin, based on its opening price on Jan. 20, 2025, went from $101,083.75 to today’s current price of $89,573. A modest decline, perhaps, but enough to make even the most ardent believer question their faith in the “digital gold.”
With the bill stalled in Washington, Armstrong is using Davos as a venue for negotiations with bank executives and global leaders, aiming to revive the legislation and push for a “level playing field” between traditional finance and crypto firms-a phrase that, in this context, sounds less like a goal and more like a euphemism for “let’s all pretend we’re equal, but secretly we’re not.”
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2026-01-21 02:04