Coinbase CEO Brian Armstrong has accused the Wall Street Journal of preparing a hostile report that blames him for the Senate's rejection of the CLARITY Act. Armstrong says the paper has consistently echoed bank opposition to the bill, and he defended his own role in reshaping the legislation before the vote.
Coinbase CEO Brian Armstrong has accused the Wall Street Journal of preparing a story that portrays him as partly responsible for the Senate's rejection of the crypto CLARITY Act. He raised the alarm in an X post, warning that the upcoming report could tell a false story aligned with theories pushed by banks opposed to the bill.
Armstrong went further, characterizing the publication's coverage of the CLARITY Act as hostile, arguing that the Journal has repeatedly run reports reflecting the views of banks that have also lobbied against the legislation. He said he joined efforts to shape the bill into something worthy of consideration, pushing back on what he called misinformation from the paper.
Armstrong acknowledged he had opposed the legislation earlier this year, but he said that opposition targeted an older version of the bill rather than the final draft that reached the Senate. He did not support the January version before its committee vote, citing unresolved problems around DeFi, tokenization, the authority of the Commodity Futures Trading Commission, and rewards tied to stablecoins.
He also noted that the bill lacked the support it needed to pass at the time. Rather than abandoning the effort, Coinbase worked with other stakeholders to improve the legislation. Armstrong praised the final version that reached the Senate, saying the four issues he had raised were addressed by the time the bill returned to committee roughly four months later.
Source: U.Today
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