Coinbase, JPMorgan CEOs clashed over market structure bill at Davos: Report

Brian Armstrong made the media rounds before and after he announced Coinbase was pulling its support for a major US crypto bill, reportedly facing off with Jamie Dimon in Davos.

JPMorgan Chase CEO Jamie Dimon reportedly confronted Brian Armstrong during a coffee chat at Davos last week, telling the Coinbase CEO to stop lying about banks trying to sabotage the digital asset market structure bill under consideration in the US Congress.

According to a Thursday report from The Wall Street Journal, the confrontation between Dimon and Armstrong occurred at the World Economic Forum last week when the Coinbase CEO was having coffee with former UK Prime Minister Tony Blair. Dimon reportedly interrupted Armstrong, saying the CEO was “full of s—,” referring to TV interviews in which the Coinbase CEO accused banks of interfering with the US market structure bill. 

Banking industry advocates have opposed allowing stablecoin rewards under the legislation. However, many in the crypto industry, including Armstrong, have pushed for the bill to include provisions on stablecoin yield, claiming that to do otherwise would allow “banks to ban their competition.”

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