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WSJ calls Coinbase Wall Street's Top Enemy, Brian Armstrong Speaks Out Calling for a Win-Win
BlockBeats News, February 2nd, The Wall Street Journal published an article stating that Coinbase CEO Brian Armstrong has become the top enemy of Wall Street traditional financial giants and is in conflict with the future of the financial industry. Brian Armstrong has serious disagreements with bank executives such as JPMorgan Chase's CEO on cryptocurrency regulation issues, especially the "Cryptocurrency Market Structure Clarity Act" (CLARITY Act). Banks are concerned that the high yields of stablecoins may shift $6.6 trillion in bank deposits, thereby damaging their lending business. Armstrong, on the other hand, advocates for free-market competition and accuses banks of hindering their competitors' development.
Stripe CEO Patrick Collison responded that Brian's argument apparently does not align with Coinbase's interests: in a world that prohibits profit sharing, USDC would at least superficially be more direct and profitable for Coinbase. As far as I know, Brian's position stems from his belief in the importance of a vibrant and competitive marketplace that can protect consumer freedom, and I think he is highly commendable in this regard.
Brian Armstrong himself retweeted Patrick Collison's views, saying, "I'm pursuing the best social outcome and see this as a positive-sum game, where both crypto companies and traditional financial giants can win. Some parties are trying to use the government to block competition and see it as a zero-sum game."
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