Coinbase CEO Brian Armstrong is facing strong resistance from some of the most powerful figures in traditional finance as debates over U.S. crypto regulation intensify. During the World Economic Forum in Davos, Armstrong reportedly met with several top Wall Street executives to discuss the crypto market structure bill moving through Congress. According to a Wall Street Journal report, those conversations were tense and largely unproductive, highlighting the growing divide between crypto companies and major banks. The reception Armstrong received was notably cold.
JPMorgan Chase CEO Jamie Dimon was blunt, allegedly telling Armstrong, “You are full of s—.” Bank of America CEO Brian Moynihan agreed to a 30-minute discussion but dismissed Armstrong’s arguments, suggesting that crypto firms should simply operate as banks if they want similar privileges. Wells Fargo CEO Charlie Scharf declined to engage altogether, saying there was nothing to discuss. Citigroup CEO Jane Fraser reportedly cut the conversation short in under a minute.
These encounters come at a critical moment for Coinbase and the broader crypto industry. Armstrong has recently taken a firm stance against the Senate’s proposed crypto legislation, known as the CLARITY Act. After reviewing a draft of the bill, he publicly stated on X that Coinbase “can’t support the bill as written.” He later accused traditional banks of lobbying lawmakers to restrict stablecoin rewards, which are yield-generating incentives offered to users holding digital assets like USDC.
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