Coinbase CEO Brian Armstrong Emerges as Top Wall Street Foe Over Stablecoin Regulation

Coinbase CEO Brian Armstrong has become a leading adversary of Wall Street's traditional financial giants amid sharp tensions over crypto regulation, The Wall Street Journal reported on Feb. 2. Armstrong and bank executives including JPMorgan Chase's CEO diverge on the Cryptocurrency Market Structure Bill (CLARITY Act), as banks fear higher stablecoin yields could divert $6.6 trillion in deposits and hurt lending. Armstrong argues for free-market competition and accuses banks of blocking rivals, while Stripe CEO Patrick Collison commented that Armstrong's stance appears misaligned with Coinbase's narrow interests in a world that bans yield-sharing on USDC. Collison said he believes Armstrong's position is driven by a belief in dynamic, competitive markets that safeguard consumer freedom, and Armstrong reposted the remarks, stating he seeks the best social outcome and views the issue as a positive-sum game where crypto firms and traditional finance can both win.