Coinbase becomes Wall Street's "number one rival," Brian Armstrong calls for a win-win situation under regulation.

Coinbase CEO Brian Armstrong is considered one of the main rivals of traditional Wall Street financial institutions, with significant disagreements arising over crypto regulation, particularly the CLARITY Act, which he sees as a key factor in the conflict between him and executives at banks including JPMorgan Chase. Reports indicate that banks are concerned that the higher yields offered by stablecoins could siphon approximately $6.6 trillion in bank deposits, impacting lending businesses. Armstrong, on the other hand, advocates for free market competition, arguing that banks are using regulation to stifle competition. Patrick Collison stated that Armstrong's stance is not solely driven by Coinbase's commercial interests, but rather by a belief in a fully competitive and vibrant market that helps protect consumer freedom. Armstrong subsequently retweeted and responded, stating that he seeks a socially optimal outcome through a "positive-sum game," where crypto companies and traditional financial institutions can achieve a win-win situation, and he opposes viewing competition as a zero-sum game and using government power to suppress it. (Wall Street Journal)