Coinbase CEO Attributes Stalemate in the Digital Asset Market Clarity Act to the Banking Sector

Coinbase CEO Brian Armstrong blamed the entire banking industry for blocking the Digital Asset Market Clarity Act during a speech at the World Liberty Forum. He accused banks of employing a zero-sum strategy, advocating for a ban on stablecoin rewards and asserting that crypto must fail for them to succeed. Armstrong noted that small and mid-sized banks are more concerned about losing deposits to large banks than to stablecoin providers. Coinbase has already built crypto infrastructure for the top five global banks, and more are hiring blockchain talent. A revised version of the bill may grant banks greater authority in exchange for supporting stablecoin rewards. A White House meeting last week continued this week. Last year, the bill passed the House but stalled in the Senate Banking Committee. Altcoins to watch could gain momentum if the bill moves forward.