Coinbase CEO to Meet With Bank Chiefs in Davos Over the CLARITY ACT

• Armstrong attended the WEF and plans to meet with bank chiefs.
• Coinbase’s CEO wants to discuss the CLARITY Act to find consensus on stablecoins.
• Earlier, the exchange withdrew its support for the bill, sparking backlash behind the scenes.

Coinbase CEO Brian Armstrong attended the World Economic Forum in Davos. Among other things, he plans to meet with some heads of major US banks regarding the crypto market structure bill (CLARITY).

According to Armstrong, his visit is focused on the following:

• to discuss crypto with world leaders and how it can impact the financial system
• to continue work on the regulatory framework for the sector
• to promote tokenization and the democratization of assets

In the video attached to the post, Armstrong said:

As a reminder, earlier the Coinbase CEO criticized the version of the bill from the Senate Banking Committee and said the company was withdrawing its support. Later, reports emerged that the White House reacted negatively and demanded that the firm return to the process.

The sticking point in this matter remains the legalization of interest payments on stablecoins to holders. Banks oppose this, as it would trigger a significant outflow of capital from deposits. 

According to Eva Sever, marketing director at crypto exchange aggregator SwapSpace, Coinbase’s actions were constructive and point to the sector’s strong footing. Armstrong’s meeting with bank chiefs in Davos could help in the search for consensus, she said. 

Earlier, we reported that Bermuda’s authorities entered into a partnership with Coinbase and Circle to transition to an onchain economy.