WSJ: Coinbase Has Become Wall Street's Top Foe, Brian Armstrong Speaks Out Calling for Win-Win

On February 2, The Wall Street Journal reported that Coinbase CEO Brian Armstrong has emerged as the top adversary of Wall Street’s traditional financial giants, clashing with the industry’s future direction. Armstrong holds sharp disagreements with bank executives—including JPMorgan Chase’s CEO—over crypto regulation, particularly the Crypto-Currency Market Structure Law (CLARITY Act). Banks fear stablecoins’ high yields could siphon $6.6 trillion in bank deposits, harming their lending businesses. Armstrong advocates for free-market competition and accuses banks of stifling competitors. Stripe CEO Patrick Collison noted that Brian’s argument is clearly not in Coinbase’s self-interest: “In a world where revenue sharing is prohibited, USDC would at least appear far more direct and profitable for Coinbase. From what I can tell, Brian’s stance stems from his belief in a vibrant, competitive market to protect consumer freedom—and he deserves high praise for that.” Armstrong retweeted Collison’s take, stating: “I’m chasing the best social outcome here, and this is a positive-sum game—crypto firms and traditional giants can both win. Some parties are using government to block competition, treating it as zero-sum.”