Treasury Secretary Scott Bessent Slams Coinbase CEO, Urges Immediate Deal on Stalled CLARITY Act
WASHINGTON, D.C. – U.S. Treasury Secretary Scott Bessent criticized Coinbase CEO Brian Armstrong and urged industry...
Quick overview
- U.S. Treasury Secretary Scott Bessent criticized Coinbase CEO Brian Armstrong for obstructing progress on the stalled CLARITY Act.
- Bessent emphasized the need for clear regulatory rules to foster innovation and ensure financial stability in the digital asset market.
- Today's White House meeting aims to resolve key issues between crypto companies and banks, particularly around stablecoin yields and access to Federal Reserve payment systems.
- A successful agreement could pave the way for the Senate Banking Committee to advance the CLARITY Act, establishing essential consumer protections and regulatory clarity.
WASHINGTON, D.C. – U.S. Treasury Secretary Scott Bessent criticized Coinbase CEO Brian Armstrong and urged industry leaders to stop blocking progress, as the CLARITY Act remains stalled in the Senate. His remarks come as the White House holds a second round of important talks today between digital asset executives and top banking officials.
The Great Divide: “No Bill” vs. Necessary Progress
In a recent interview with FOX Business, Bessent directly addressed the “obstructionist” stance taken by some industry leaders. He specifically pushed back against Armstrong’s previous assertion that “no bill is better than a bad bill,” arguing that the current regulatory vacuum is the greatest risk of all.
“We need clear rules of the road now more than ever,” Bessent said. “The uncertainty is stifling innovation and threatening financial stability. Washington cannot sit on the sidelines while billions move through unregulated markets.”
Bessent said that with President Donald Trump’s goal to make the U.S. the “crypto capital of the world,” passing new laws is not optional—it’s necessary.
Why Today’s White House Meeting is a Turning Point
Today’s meeting is the second attempt to bridge the gap between Wall Street and Silicon Valley. Last week’s talks ended without progress, so now White House digital asset policy leaders are focusing on the “yield” issue that has slowed things down.
🚨 WASHINGTON JUST PICKED A SIDE ON CRYPTO
On Feb 6, 2026, Treasury Secretary Scott Bessent said it plainly: the “digital asset revolution is here.” His message to Congress was direct — pass the Clarity Act and finish stablecoin rules.
Why this matters:
This isn’t soft… pic.twitter.com/0KcRdRnKQb— Naeem Aslam (@NaeemAslam23) February 6, 2026
The core points of contention include:
- The Stablecoin Yield Battle: Crypto companies want to share interest from stablecoin reserves with users. Banks say this could cause “deposit flight” and amounts to unregulated banking.
- Federal Reserve Access: Crypto companies are asking for “skinny” master accounts to use the Fed’s payment systems. Banks argue this would give tech firms an unfair advantage.
- Market stability: If there is no compromise, the Senate Banking Committee likely will not move forward. This could cause markets to fall as traders worry about more delays.
Path to a Breakthrough: Defining “Success”
For the CLARITY Act to move forward, negotiators need to agree on how to share stablecoin interest. A successful outcome today would be a first agreement on consumer protections that allows some yield but also meets bank regulators’ safety standards.
If a deal is reached, the Senate Banking Committee could quickly reschedule its markup session. This would show global markets that the U.S. is ready to set clear rules for digital assets.
As Secretary Bessent said, the choice is clear: “Either we cut a deal that defines digital money for the next decade, or we continue to drift while the rest of the world moves ahead.”
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