Coinbase CEO Brian Armstrong criticized the traditional financial establishment, saying it is blocking passage of the cryptocurrency regulation bill known as the “Clarity Act” to avoid competition with innovative companies and maintain its market monopoly.
Brian Armstrong, chief executive officer (CEO) of Coinbase, recently appeared on the Katie Miller Podcast, where he urged the United States to expedite consideration of the cryptocurrency regulation bill, the Clarity Act, while criticizing the financial establishment.
He said traditional financial institutions are reluctant to compete with cryptocurrency companies that provide more efficient and improved financial services, and are seeking to retain control over the broader financial services ecosystem.
Armstrong also said President Donald Trump accurately identified millions of Americans who felt marginalized by regulations under previous administrations. “It is time to pass the Clarity Act immediately to protect consumers,” Armstrong said, emphasizing that “this would benefit everyone—the banks, law enforcement agencies, cryptocurrency companies, and the American people.”