Coinbase Global Inc. (NASDAQ: COIN) CEO Brian Armstrong on Thursday said "all American companies can finally start to build" the crypto industry as the Senate Banking Committee votes on the CLARITY Act. Banks Integrating Stablecoins As Fast As They Can
Armstrong told FOX Business' Maria Bartiromo that he speaks with lots of different bank CEOs and many of them are leaning into crypto as an opportunity to grow their business.
They're integrating stablecoins as fast as they can and understand their clients want access to crypto assets.
"All these funds are now being tokenized and it's just gonna make everything more efficient in the financial system," Armstrong said.
"We're at a place now where all American companies can finally start to build this industry. My hope is that with this legislation getting through we're all gonna be able to work together a little bit more collaboratively," he added.
Armstrong described the latest version of the bill as a "true compromise," saying both the crypto industry and the banking sector have made concessions during negotiations.
Rewards on stablecoins would only apply when there was "some sort of material activity on the account."
Prediction Markets Hit $100 Million Run Rate In Two Months
Beyond trading, Coinbase has been expanding into products tied to subscription, payment and prediction markets, which Armstrong said reached a roughly $100 million revenue run rate after only two months.
The crypto industry spent more than $119 million backing pro-crypto candidates in 2024 hoping to advance the CLARITY Act and a separate bill paving the way for wider adoption of stablecoins, which became law last year.
Banks Fight Stablecoin Rewards Provision
Banks are fighting a key provision in the bill, arguing it will create competition for deposits by giving crypto companies too much leeway to offer rewards on stablecoins.
The American Bankers Association on Sunday publicly called for its member CEOs to push committee senators to tighten the stablecoin language.
The bill needs at least seven Democratic votes to pass the full Senate. Many Democrats oppose the bill, arguing its anti-money laundering provisions are too weak and that it should bar political officials from profiting from crypto ventures.
Senator Elizabeth Warren (D-Mass.) said the bill will put national security and the entire financial system at risk.