Brian Armstrong: ‘Incumbents’ Are Trying to Kill Crypto Competition

The Coinbase CEO argues that clearer rules could allow crypto firms to compete more directly with established financial institutions. Coinbase CEO Brian Armstrong has accused “entrenched incumbents” of lobbying against the CLARITY Act, arguing that established financial players are trying to stop crypto companies from competing in US financial services. His comments frame the fight over the bill as a contest between traditional firms protecting their position and crypto businesses seeking clearer rules. Armstrong Puts Competition at Center of CLARITY Fight Armstrong said the Trump administration came to power after millions of Americans felt “disenfranchised” by the previous administration’s approach to crypto. He pointed to Donald Trump’s 2024 campaign promise to remove former SEC Chair Gary Gensler, recalling the reaction when Trump said at a Bitcoin conference that he would fire Gensler “on day one.” He then ran through what he sees as progress since Trump took office: an executive order calling for clearer crypto rules, the appointment of SEC Chair Paul Atkins and CFTC Chair Mike Selig, and passage of the GENIUS Act for stablecoins. The CLARITY Act, Armstrong said, is the next ...