Coinbase CEO Urges Passage of Crypto Market Structure Bill..."A Big Opportunity for U.S. Finance"

▲ Brian Armstrong, Coinbase CEO / ChatGPT-generated image

Coinbase CEO Brian Armstrong urged the U.S. Senate to pass the U.S. crypto market structure bill. He described the bill's vote as “a big opportunity to move the U.S. financial system forward,” emphasizing the need for an institutional framework that allows the banking and crypto industries to collaborate openly and legally.

U.Today reported on May 14 (local time) that Armstrong made these remarks as the U.S. Senate Banking Committee was conducting a key vote on the U.S. crypto market structure bill. According to the article, there is an ongoing clash between lobbyists and banking groups in Congress over concerns that stablecoins could compete with bank deposits.

Armstrong pointed out that while politicians are focused on risk debates, Wall Street has already de facto integrated digital assets into financial businesses. He stated that financial institutions are rapidly adopting stablecoins and tokenized funds to meet increasing customer demand, and he views the bill as a mechanism that can enable collaboration between traditional finance and digital assets within the institutional framework.

He explained that U.S. banks and Coinbase have been de facto partners for the past 14 years. He further emphasized that the U.S. crypto market structure bill is crucial for removing legal barriers and paving the way for both sides to cooperate in an open and legitimate manner. Armstrong stated that banks have invested in Coinbase's success, and Coinbase also has a vested interest in the success of the banking sector.

The discussion surrounding this bill is presented not merely as crypto deregulation but as the establishment of legal infrastructure for the entire U.S. financial market. U.Today noted that the public message aiming for compromise with the banking sector is intended to persuade undecided senators and to portray the U.S. crypto market structure bill not as a radical crypto bill, but as an institutional foundation necessary for the financial market as a whole.

Institutional funds have already shown a clear trend. While $635 million in individual investor funds flowed out of U.S. spot Bitcoin (BTC) ETFs, corporations accumulated 46,872 BTC during April, which is 10.5 times more than in January. U.Today reported that institutions view the U.S. crypto market structure bill as a potential catalyst for tokenization and decentralized financial markets, similar to what the stablecoin regulation bill, “GENIUS,” provided for the stablecoin sector.

The Senate vote is presented as a turning point to determine whether the U.S. legislature is ready to officially approve the collaborative structure between traditional banks and digital assets. Armstrong's remarks indicate a trend where the cryptocurrency industry is moving beyond being an independent alternative financial realm and is combining with existing financial infrastructure to become a core pillar of institutional finance.

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