Coinbase CEO: Banks are trying to ‘kill the competition’ with crypto regulation

Coinbase CEO Brian Armstrong revealed during an interview on ‘Mornings with Maria’ why the cryptocurrency giant chose to withdraw support for a major crypto bill in the Senate.

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“I declined to give an opinion on the exact question – whether the hearing, the markup should happen or not. … But I did feel that I had to speak on behalf of our clients and all Americans here.”

As the head of a cryptocurrency giant, Armstrong’s decision to withdraw Coinbase’s support from the bill caused widespread concern. Capitol Hill.

At the heart of the dispute is a disagreement between banks and crypto companies over whether stablecoin holders should receive rewards.

The US Capitol, July 1, 2025, in Washington, DC (Al Drago/Getty Images/Getty Images)

Despite the struggles, Armstrong noted that some banks have taken a reasonable approach to digital assets.

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“A lot of these banks are actually very smart,” he explained. “The commercial side of the bank is leaning toward crypto. They actually do deals with Coinbase. On the commercial side, we provide a lot of crypto and stablecoin infrastructure for them.”

The CEO accused the lobbying activities of the banks of trying to curb competition, but expressed optimism that lawmakers can still resolve the bill’s outstanding issues.

The Coinbase logo at the Imax building in London, July 10, 2025. (Jakub Porzycki/NurPhoto via Getty Images/Getty Images)

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‘And then them lobbying arm comes to DC and views it as zero-sum and tries to kill the competition,” Armstrong said.” So I suspect that, as with many things, if we get the principles in the room, we can actually figure this out and get a good deal.