Coinbase CEO Brian Armstrong drew a frosty reception from top U.S. bank executives at the World Economic Forum in Davos as he lobbied against the Senate’s market structure legislation, according to a Wall Street Journal report.
Davos confrontation
The Wall Street Journal said JPMorgan Chase CEO Jamie Dimon interrupted Armstrong during a coffee chat and told him he was “full of s—,” citing Armstrong’s TV comments accusing banks of trying to sabotage the bill.
Dimon reportedly told Armstrong:
“You are full of s—.”
Stablecoin rewards dispute
The dispute centers on stablecoin rewards, which Armstrong and others argue should be permitted under the CLARITY Act.
Banking advocates have opposed allowing rewards, while Armstrong has argued that restricting them would let banks “ban their competition.”
Bank of America CEO Brian Moynihan reportedly told Armstrong:
“If you want to be a bank, just be a bank.”
Bill status in the Senate
Armstrong previously said Coinbase “can’t support the bill as written,” and the Senate Banking Committee was expected to mark up its version on Jan. 15 before postponing the event indefinitely.
The Senate Agriculture Committee advanced its bill along party lines on Thursday.
Lawmakers said the two versions would need to be combined before a full Senate vote.
Coinbase chief policy officer Faryar Shirzad said:
“The fight over rewards is really an anomaly in our collaborative relationship with the banks.”
A Coinbase spokesperson told Cointelegraph the company did not have “anything new to add” about the report.
