Armstrong at Davos: Banks Snub Coinbase Chief – What’s the Deal?

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Apparently, Jamie Dimon corners Coinbase CEO Brian Armstrong at Davos, grilling him about crypto legislation, and yes, calling him a liar. It’s Davos-calm on the surface, and then someone accuses you of lying and the espresso goes cold.

The Wall Street Journal reports Dimon interrupted a coffee meeting between Armstrong and former UK Prime Minister Tony Blair. He pointed his finger and said, “You are full of s-.” Subtle? Not exactly the spa day you hoped for.

Armstrong had recently said on TV that banks were lobbying to sabotage crypto-friendly regulation in the US. At Davos, the plot thickens and the lattes get served with a side of drama.

Top US Bank CEOs Refuse to Meet Armstrong

Dimon wasn’t alone. Several banking executives gave Armstrong the cold shoulder at Davos, like they forgot to warm up the room.

Bank of America CEO Brian Moynihan met with him for 30 minutes but shut down his argument.

“If you want to be a bank, just be a bank,” Moynihan said.

Wells Fargo CEO Charlie Scharf told Armstrong there was “nothing for them to talk about.” Citigroup CEO Jane Fraser gave him less than a minute.

Coinbase is a client of both JPMorgan and Citi.

Why Banks Want Stablecoin Rewards Banned

The fight comes down to one issue: stablecoin rewards. Crypto firms like Coinbase pay around 3.5% to users who hold stablecoins. Banks pay under 0.1% on checking accounts. Banks say these payouts work like interest-bearing accounts but skip the rules they have to follow. They warn that customers could move large sums out of traditional banks and into crypto.

Armstrong says the market should decide. Banks can raise their rates or launch their own stablecoins if they want to compete.

Armstrong’s Stance Stalled the Senate Vote

Just before the Senate Banking Committee was set to vote on the CLARITY Act, Armstrong posted on X that Coinbase could not support the bill.

He said the draft included a “defacto ban on tokenized equities,” DeFi restrictions, and amendments that would “kill rewards on stablecoins, allowing banks to ban their competition.”

“We’d rather have no bill than a bad bill,” he wrote.

After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written.

There are too many issues, including:

– A defacto ban on tokenized equities
– DeFi prohibitions, giving the government unlimited access to your financial…

– Brian Armstrong (@brian_armstrong) January 14, 2026

The committee postponed its vote within hours.

The White House now plans to bring bank and crypto leaders together. David Sacks, Trump’s crypto czar, is expected to attend.

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2026-01-31 12:47