Written by: Techub News Compilation

Introduction

Recently, Brian Armstrong, co-founder and CEO of Coinbase, was a guest on the podcast "Uncapped," hosted by Jack Altman. In this nearly hour-long in-depth conversation, Armstrong not only elaborated on his core assertion that "all assets will eventually go on-chain," but also shared rare insights into the real thoughts of a leader at a cryptocurrency giant navigating regulatory storms and enduring multiple bull and bear cycles. From the early difficult negotiations with regulators to the darkest moments in internal management, and cross-disciplinary considerations in cutting-edge fields such as AI, longevity science, and brain-computer interfaces, this interview provides a valuable window into understanding this crypto leader's macro vision and micro decisions.

Summary

• All assets will eventually go on-chain: Armstrong believes that on-chain transactions are faster, cheaper, and more global, and will gradually cover all asset classes, including stocks, commodities, and prediction markets, fundamentally enhancing the efficiency of the financial system.
• The key to regulatory maneuvering is accumulating political influence: Coinbase's experience shows that merely "educating" regulators is far from enough; it is necessary to build substantial political power through organizing the industry, mobilizing voters, and participating in political donations to promote favorable legislation.
• Bitcoin serves as a "digital gold" verifier of fiscal discipline: Armstrong views Bitcoin as a counterbalance to government deficit spending, and its existence serves as a warning, urging sovereign nations to maintain fiscal health, thus "extending Western civilization."
• Leadership means making tough, unpopular decisions when necessary: Armstrong recalled the difficult moments in implementing a "politicization-free" policy within the company, emphasizing that leaders must have the courage to offend large groups of people for the right things, a skill that can be cultivated by consistently stepping out of one’s comfort zone.
• Investment in cutting-edge technology follows the principles of "meta-issues" and "unique contributions": In fields like AI, longevity, and brain-computer interfaces, Armstrong’s investment logic is to seek fundamental "meta-issues" that can solve a range of derivative problems and evaluate whether he or his team can provide unique contributions that others cannot.

The Future of Finance: Why Will All Assets Eventually Go On-Chain?

The interview began with Armstrong's recent assertion on X that Coinbase is becoming a "universal exchange," and all assets will inevitably go on-chain. When asked why it is "inevitable," his answer was succinct and powerful: because it is faster, cheaper, and more global.

Armstrong sees cryptocurrency as a technical upgrade to the broader financial system. This upgrade is occurring across various fields, including payments, trading, and lending, with the comprehensive on-chain transactions of various assets being the ultimate vision. He explained that if stocks could be tokenized and placed on-chain, it would bring revolutionary changes: individuals from any country in the world could easily invest in U.S. assets, achieving true democratic access; trading would become uninterrupted 24/7; shares could be infinitely divided; and new trading mechanisms, such as perpetual contract order books popular in the crypto world, could be introduced.

More importantly, going on-chain will reshape corporate governance. Armstrong envisions the future creation of governance structures that only allow long-term shareholders to vote, for example, requiring shares to be held for over a year for voting rights, which would incentivize long-term investment and prevent short-term speculators from interfering with corporate strategy. He believes that crypto technology can make all of this more efficient.

This transformation will not be limited to stocks. Armstrong predicts that commodities, prediction markets, and even startup financing (capital formation) will be conducted more efficiently on-chain. When asked whether it is a voluntary choice by the asset issuers or an inevitable trend, he leans toward the latter while emphasizing that Coinbase wants to collaborate with related companies to promote it rather than create derivatives without permission. First movers will benefit, and as the pathway becomes clearer, it will become the mainstream method.

What are the factors hindering widespread application? Armstrong pointed out that technology and regulatory environments have not been prepared. He mentioned the early ICO boom, which he viewed as a pioneering experiment that occurred outside regulatory frameworks, with mixed results. Now, the situation is changing: technology is maturing, and dialogues with regulators (such as the U.S. SEC) are becoming more constructive. He specifically mentioned the "Clarity Act" being promoted in the U.S., which aims to clarify the market structure for crypto securities and will greatly facilitate compliant on-chain financing. Additionally, the passage of the "Genius Act" for stablecoins is also symbolic, as it clarifies the reserve requirements for USD stablecoins (100% USD or short-term government bonds) and the qualifications of issuing entities, providing legal certainty to the industry and ending the era where regulatory ambiguity was used as a weapon of attack.

Dancing with Giants: Coinbase's Regulatory Breakthrough

As a technology company at the core of finance, Coinbase's interactions with regulators represent a significant chapter in its development history. Armstrong admitted that in the early days as an entrepreneur, he was somewhat naive, believing that as long as he complied with the law, there would be no need to engage with the government. However, as the company grew, he realized that in the grey areas of law, passively waiting for clear regulations is tantamount to waiting for death.

He summarized a three-step strategy: first, in the absence of clear regulations, it is necessary to build products based on responsible principles without waiting; second, gradually establish a policy team to actively participate in and shape regulatory drafting; lastly, and most importantly, accumulate political power and influence.

Armstrong shared his early experiences of going to Washington D.C. for "educational" work, which yielded little result. He realized that Congress rarely takes proactive action. The turning point came when Coinbase initiated a grassroots campaign called "Stand With Crypto" alongside the crypto industry, creating a political scorecard for politicians and mobilizing millions of voters to support pro-crypto candidates. At the same time, political donations were made through the super PAC "Fairshake," and policy research institutions were established to produce industry white papers. Only after some anti-crypto lawmakers lost their elections did Washington truly recognize the existence and political power of "crypto voters." Armstrong believes that politicians are essentially opportunists who support things that are bound to happen. Once crypto shows such momentum, they will choose to join.

When discussing the relationship between cryptocurrencies and sovereign nations, Armstrong provided a nuanced answer. Crypto fundamentally concerns creating more economic freedom for people, which sometimes involves working with the government and at other times creates tension. For the United States, USD stablecoins (such as USDC) are undoubtedly advantageous as they solidify the dollar's status as the global reserve currency. Meanwhile, he views Bitcoin as a digital gold verifier of deficit spending. He believes that the existence of Bitcoin sets up a new digital gold standard; if fiat currency loses public trust due to excessive inflation and uncontrolled deficits, people will flee to Bitcoin. Therefore, Bitcoin actually serves as a mechanism that encourages governments to maintain fiscal discipline, further helping to "extend Western civilization." He even stated that if the U.S. were to lose its reserve currency status, he would prefer that people turn to Bitcoin rather than other sovereign currencies.

Through Cycles: Leadership, Resolve, and Frontier Exploration

As a leader of a company that has gone through multiple extreme market cycles, Armstrong has deep insights on maintaining strategic resolve. He opposes chasing every trend, believing that the most successful companies often start when they are overlooked. He pointed to Coinbase and OpenAI as examples, noting that both began when their fields were "uncool," thus positioning themselves best for when the turning point arrived. His advice is: stay calm or even pivot while others are enthusiastic, as it may be the best time to invest in reverse when the field is overlooked. He recalled the awkward moment in a bear market when a reporter asked him face-to-face, "Crypto is dead; what will you do next?" and the internal debate over whether to transform into a banking software service provider. His determination partly stemmed from vision and partly from pure stubbornness of "not wanting to spend ten years doing banking software."

This cyclical characteristic also influenced the company’s talent strategy. Armstrong referred to the classic distinction between "mercenaries and missionaries" and shared his experience of maintaining team morale as CEO during low points: being genuine and vulnerable. He recognized that employees do not need false optimism; great leaders can demonstrate frustration and invite the team to find solutions together. During downturns, the company can focus on building, experimenting with innovation, reducing interference from competitors, and even buying at low prices.

In addition to crypto, Armstrong has also invested significant energy in other cutting-edge technology fields, such as exploring longevity science through his company New Limit, and investing in the non-invasive brain-computer interface company Nudge founded by Coinbase co-founder Fred Ehrsam. His framework for selecting projects is based on two points: first, seeking "meta-issues" that can solve a range of derivative problems (such as AI, longevity, and nuclear fusion); second, assessing whether he or his team can provide unique and indispensable contributions. For example, he invested in longevity science because the cost of single-cell sequencing has plummeted, and AI development has made epigenetic reprogramming research feasible for the first time; whereas investing in brain-computer interfaces stems from his belief that human consciousness will gradually merge with the cloud through high-bandwidth brain-machine connections, achieving a progressive "upload" or "fusion" with AI, rather than instantaneous copying of consciousness.

The Source of Courage: Making Unpopular but Right Decisions

The final part of the interview focused on several notable "going against the tide" moments in Armstrong's career, particularly his forceful implementation of a "politicization-free" work environment policy within the company a few years ago and the lawsuit against the SEC. These decisions were highly controversial and risky at the time.

Armstrong candidly admitted that he felt very scared when making these decisions. On the eve of the "politicization-free" decision, executives pleaded with him not to proceed, fearing it would ruin the company, and even half of the employees might leave or strike. In an internal meeting, when asked what would happen if there was a large-scale strike, he firmly responded, "I would fire each and every one of them." He described the state at the time as: either he leaves or employees who disagreed with the company's core principles leave, as the lack of consensus made work unbearable.

In the process of summoning his courage, he drew strength from historical figures like Singapore's founding Prime Minister Lee Kuan Yew and former U.S. President Ronald Reagan's speeches dealing with strikes. However, when he finally stood before all employees to announce the decision, his voice trembled, and his legs felt weak. Ultimately, this decision turned out to be one of the best things the company ever did.

Armstrong attributes this ability partially to a trait of being "non-conformist," but he emphasized that he is not actively seeking confrontation; on the contrary, he always tries to avoid it. He believes that the essence of leadership dictates that at certain moments, you must make difficult decisions that will anger many people for the long-term interest of the company. These moments will naturally arise, and the ability to handle them can be cultivated by progressively stepping out of one’s comfort zone every year. Just like early media engagements or firing employees made him extremely nervous, but now these have become normal, yet every year new and more daunting challenges emerge, such as congressional hearings and lawsuits with major regulators.

To maintain sustainability under prolonged pressure, Armstrong made a significant mental adjustment: to view work as a marathon rather than a sprint. He pays attention to sleep, exercise, nutrition, tries meditation and reading, hires executive coaches (whom he calls "therapists"), and mandates a week off every quarter. He concluded that engaging in meaningful work brings a deep satisfaction rather than continuous "pleasure", which is not without extremely painful moments, but the process of solving problems and driving progress ultimately gives everything its value.

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