Brian Armstrong, the ceo over at coinbase, thinks the senate flopping on the clarity act could lowkey be a vibe for his exchange rn because it keeps those wall street giants from crashing our defi party under some fresh rules 🖤.
The crypto exec still pushed that the bill would’ve boosted the whole space tho, even while admitting coinbase might dodge some heat without all that extra comp.
A Bill Passing Wouldve Spelled Way More Rivals 🎲
In a september 20 chat with scott melker the coinbase boss explained how the bill flop could hit mixed notes for the crew. Clear rules might pull in traditional finance heavy hitters to crypto but it would also flood the gate with fresh rivals 💀.
Every major financial services company in the world would have started integrating crypto with regulatory clarity. We would have had tons more competition armstrong noted. So in a way honestly it arguably could even be better for us to go under this path because were one of the few companies whos willing to go through that.
The big guy also looped back on coinbases gripes with an older draft of the bill. That january version had issues around tokenized stocks fines for defi devs the cftcs grip on spot markets and stablecoin rewards 🌙.
He kept saying those four spots got fixed in the latest senate version so those old objections are now ghosts.
Coinbase Pivot To Regulators While Congress Freezes Up 🔮
With the bill stuck the exchanges ceo noted coinbase can just keep vibing with the sec and cftc while they cook up fresh industry rules 👀. In the short term its probably better for us in certain ways he told melker. Its a little bit more permissive to have the sec and cftc do it.
Hes treating the bill as basically dead unless it gets a revival and seven dem senators have shown they aint quitting on crypto laws yet.
Armstrong dropped these takes amid bigger fights on how rules should handle stablecoin rewards plus ties between crypto squads and old school banks. The genius act set a federal frame for payment stablecoins but bank comp questions are still buzzing around the chat.
He added that coinbase is down to team up with banks instead of seeing them as pure rivals 💅.
You can catch more on the clarity vote fail in our video below.
Just another echo from the void by iconofsin.eth 💖
