Coinbase CEO Brian Armstrong on crypto regulation: Banks should compete on a level playing field

Summary

Brian Armstrong, co-founder and CEO of Coinbase, joins Squawk Box in Davos to explain why Coinbase withdrew support from the Senate market-structure bill. He argues stablecoin rewards should be permitted so banks compete on a level playing field, calls stablecoins low-risk because issuers hold 100% short-term Treasury reserves, and highlights fast-growing DeFi lending. Armstrong also says Coinbase supplies crypto infrastructure to five of the world's top 20 banks and welcomes NYSE's tokenized-equities push as a sign crypto is modernizing capital markets.

• Coinbase withdrew support from the Senate market-structure bill, and the markup was postponed.
• Armstrong's top issue is a stablecoin-rewards restriction he says banks lobbied for.
• He wants banks and crypto firms to compete on a level playing field under clear rules.
• He calls stablecoins low-risk because GENIUS requires 100% short-term Treasury reserves.
• DeFi lending is growing enormously with opt-in returns of 6-10%, he says.
• Coinbase provides crypto infrastructure to five of the top 20 global banks and is negotiating with bank CEOs.
• He welcomed NYSE's tokenized-equities platform as evidence crypto is updating the financial system.