Coinbase CEO Brian Armstrong claims incumbent financial firms are lobbying against the CLARITY Act to block crypto competition and protect their market positions.
Regulation & Gov ·
Coinbase CEO Brian Armstrong has accused established financial firms of actively lobbying against the CLARITY Act, claiming they aim to block crypto companies from competing in US financial services and protect their market positions. Armstrong framed the regulatory push as a conflict between traditional institutions seeking to maintain their advantage and crypto businesses pursuing clearer rules, citing progress under the Trump administration including an executive order on crypto rules and new SEC and CFTC leadership. He specifically named Senator Elizabeth Warren among those opposing the legislation.
The CLARITY Act would establish federal rules for digital asset classification and clarify regulatory boundaries between the SEC and CFTC. However, the bill faces significant obstacles in the Senate, requiring 60 votes for cloture while Republicans hold 53 seats, meaning at least seven Democratic or independent votes are needed. Banking industry opposition centers on a provision allowing crypto companies to offer rewards on customer stablecoin holdings—a practice traditional lenders argue could pull deposits away from banks.
What remains unclear is whether the Senate will secure sufficient Democratic support for passage, particularly given the disputes over ethics rules, anti-money laundering provisions, and the contested stablecoin rewards clause. Armstrong's claims about incumbent lobbying efforts have not been independently detailed with specific firm names or lobbying expenditure figures in the available reporting.