Coinbase CEO helped stall crypto bill, says deal isn’t dead

Coinbase CEO Brian Armstrong said he remains confident the U.S. can pass comprehensive crypto market-structure legislation despite pulling support last week for a Senate draft bill that was set for a key markup vote.

Armstrong’s public opposition—citing “too many giveaways to tradfi”—prompted Senate Banking Chair Tim Scott to postpone the markup of the proposed CLARITY Act.

Speaking at the World Economic Forum in Davos, Armstrong said the path forward remains open, arguing the latest draft would have restricted core crypto functions, limited stablecoin yields, expanded government access to financial data and shifted regulatory power toward the SEC at the expense of the CFTC. Banking groups have opposed stablecoin rewards, but Armstrong accused them of trying to stifle competition.

Despite the setback, Armstrong called 2025 a banner year for crypto, pointing to the passage of the first federal framework for stablecoin issuers and growing interest from major banks, several of which already partner with Coinbase. He reiterated to Bloomberg his long-term bullish outlook, including a $1 million Bitcoin price target by 2030, and highlighted tokenization as a way to broaden access to capital markets.

Bitcoin, based on its opening price on Jan. 20, 2025, went from $101,083.75 to today’s current price of $89,573.

With the bill stalled in Washington, Armstrong is using Davos as a venue for negotiations with bank executives and global leaders, aiming to revive the legislation and push for a “level playing field” between traditional finance and crypto firms.