Armstrong Accuses Incumbents of Trying to Block Crypto Competition

Coinbase CEO Brian Armstrong has accused established financial players of trying to block crypto companies from competing in US financial services. He framed the fight over the CLARITY Act as a contest between traditional firms protecting their position and crypto businesses seeking clearer rules.

Armstrong pointed out that since Donald Trump took office, there have been several developments that he sees as progress: 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 piece.

‘Make no mistake, there are people out there actively fighting against this,’ Armstrong said. ‘There are entrenched incumbents who don’t want competition from crypto companies that would provide better financial services.’ He also singled out Senator Elizabeth Warren as one of those seeking to stop the legislation.