What to know : Coinbase CEO Brian Armstrong faced a frosty reception from top Wall Street bank chiefs in Davos as he lobbied against a key Senate crypto bill. Armstrong argues that traditional banks are pushing the Clarity Act to curb stablecoin rewards, which function like high-yield interest accounts and could threaten deposit-based banking models. The clash over the Clarity Act could reshape who is allowed to offer stablecoin products, even as Coinbase continues to partner with major banks such as JPMorgan and Citigroup.
Coinbase (COIN) CEO Brian Armstrong is running into a wall — and it looks a lot like the heads of America’s biggest banks.
During meetings at the World Economic Forum in Davos, Armstrong reportedly approached several Wall Street leaders to discuss the crypto market structure bill moving through Congress, according to a report the Wall Street Journal (WSJ) on Thursday.
The reception was icy.
JPMorgan Chase CEO Jamie Dimon told Armstrong, “You are full of s---,” according to people familiar with the exchange who spoke with the WSJ.
Bank of America’s Brian Moynihan sat for a 30-minute meeting but dismissed Armstrong’s position, saying, “If you want to be a bank, just be a bank.” Wells Fargo CEO Charlie Scharf refused to engage, saying there was “nothing for them to talk about.” Citigroup’s Jane Fraser gave him under a minute.
The frost comes as Armstrong has turned sharply against the Senate’s crypto bill. After reviewing a draft, he announced on X that Coinbase “can’t support the bill as written.” He later warned that traditional banks were lobbying to protect their turf by targeting stablecoin rewards — recurring payouts to users who hold tokens like USDC.
These rewards function like interest-bearing accounts but typically offer higher yields — up to 3.5%. Banks argue they pose a threat to deposit-based models that fund lending and other core services. If users shift en masse to stablecoins, the impact on local lending and smaller banks could be significant. Armstrong says the answer is simple: compete.
The legislation, known as the CLARITY Act, could determine who gets to offer these products — and under what rules. Its outcome could reset the playing field between banks and crypto platforms.
Still, the line between the two industries isn’t as sharp as the public standoff suggests. Coinbase maintains partnerships with major banks, including JPMorgan and Citi. That makes the current dispute less about total disruption and more about who sets the terms for the next phase of digital finance.
CoinDesk reached out to Coinbase, JPMorgan, Bank of America, Wells Fargo and Citigroup for comment but none was received by press time.
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