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Coinbase CEO Brian Armstrong confirmed he is meeting with bank executives at the World Economic Forum in Davos to advance the U.S. crypto market structure bill.
The move comes days after Coinbase pulled its support from the Senate’s version of the bill, forcing lawmakers to postpone a planned markup hearing.
Armstrong added that stablecoins should open opportunities for both crypto companies and traditional banks, as long as both sides are treated on a level playing field.
Why Did Coinbase Pull Support From the Bill?
Coinbase raised four major concerns with the Senate’s rewritten version of the CLARITY Act.
The draft restricts tokenized equities, expands government access to DeFi transaction data, broadens SEC authority over crypto markets, and includes stablecoin provisions that Coinbase says favor large banks.
The stablecoin yield issue is a key sticking point. The Senate draft bars crypto platforms from paying yield just for holding stablecoins. Banks pushed for this rule, arguing it could pull deposits away from traditional savings accounts.
Coinbase withdrew support just hours before the Senate Banking Committee was set to move forward. The hearing has been postponed with no new date announced.
Read More: Bitcoin May Be Helping the US Dollar, Coinbase CEO Brian Armstrong Says
What’s Next for U.S. Crypto Regulation?
Lawmakers and industry leaders have framed the situation as a pause. Armstrong said he will take discussions with bank CEOs back to the Senate and the Trump administration.
At Davos, Armstrong is also pushing tokenization as a way to open up capital markets. He pointed out that around 4 billion adults globally have no access to high-quality investments.
The coming weeks will show whether the U.S. can pass a national crypto framework or continue to lag behind other regions.
Source: https://coinpedia.org/news/coinbase-ceo-meets-bank-ceos-at-davos-to-advance-u-s-crypto-bill/
