Coinbase CEO Brian Armstrong Pushes US Crypto Bill at Davos Meeting

Coinbase CEO Brian Armstrong's Activities at Davos

Brian Armstrong will meet with bank leaders and policymakers at the World Economic Forum in Davos to discuss the US crypto market structure bill.
Main topics include economic freedom, market structure legislation, and tokenization to democratize capital access.
Armstrong emphasizes the potential of stablecoins for both crypto companies and banks if regulations are applied uniformly.
Tokenization is highlighted as a means to provide investment opportunities to the 4 billion adults lacking access to solid financial products.

Coinbase Withdraws Support from Senate Draft

Coinbase retracted its support for the revised CLARITY Act due to concerns about limitations on tokenized stock trading and increased government oversight of DeFi transactions.
The draft also grants the SEC broader authority and introduces stablecoin rules favoring large banks.
A major point of contention is the prohibition of yield-bearing stablecoins, which banks argue could detract from savings accounts.
Coinbase argues that the rule undermines a key use case for stablecoins and prefers no legislation over harmful regulations.
The withdrawal occurred shortly before a planned Senate Banking Committee markup hearing, delaying proceedings.
The CLARITY Act has sparked division within the crypto sector, with some viewing it as necessary and others seeing it as overly favorable to banking interests.

Armstrong noted cooperation from the White House and anticipated a revised bill version soon.