What Happened at the White House?
US President Donald Trump reportedly met privately with Coinbase CEO Brian Armstrong shortly before publicly criticizing banks for delaying progress on a major cryptocurrency market structure bill.
According to a Politico report, Armstrong met with Trump after a group of Coinbase representatives visited the White House on Tuesday. Details of the discussion were not disclosed, but the meeting came amid ongoing negotiations in Congress over legislation intended to define how digital asset markets should be regulated in the United States.
Shortly after the meeting, Trump posted on his Truth Social account that the United States must finalize market structure legislation quickly.
“The US needs to get Market Structure done, ASAP,” Trump wrote, adding that “the banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda.”
Investor Takeaway
Why Is the Market Structure Bill Stuck?
The reported meeting comes as disagreements continue over provisions in the proposed legislation, particularly those related to stablecoin rewards. Some lawmakers and banking groups have pushed for limits on yield generated by stablecoins, arguing that such incentives could blur the line between payment tokens and deposit-like financial products.
Armstrong and other industry executives have opposed restrictions on stablecoin rewards. In a statement released earlier this year, the Coinbase CEO said the exchange could not support the legislation “as written,” warning that draft amendments could eliminate stablecoin rewards and allow banks to block competition from crypto-based financial services.
Those disagreements led Senate Banking Committee Chair Tim Scott to postpone a planned markup of the bill. As of Wednesday, the markup had not been rescheduled.
The White House has since held multiple meetings with representatives from both the crypto industry and banking associations in an attempt to bridge the gap between the two sides.
Stablecoin Rewards at the Center of the Dispute
At the core of the disagreement is whether stablecoin issuers should be allowed to provide rewards or yield to users who hold the tokens. Crypto firms argue that such incentives are a normal part of digital asset markets and help stablecoins compete with traditional financial products.
Banking groups, by contrast, have argued that allowing yield-bearing stablecoins could draw deposits away from the banking system while operating outside the same regulatory safeguards applied to banks.
Ji Hun Kim, chief executive of the advocacy group Crypto Council for Innovation, said the passage of market structure legislation remains critical for the industry’s future.
“American leadership in digital assets is a national priority and it remains imperative that the US leads,” Kim said. “CCI is focused on ensuring that market structure legislation passes and is enacted as soon as possible. We remain committed to working constructively on a path forward on stablecoin rewards.”
Investor Takeaway
Coinbase’s Growing Presence in Washington
Armstrong has become one of the most visible industry figures in policy discussions since Trump’s election victory in 2024. The Coinbase CEO has appeared frequently alongside lawmakers and administration officials during the legislative debate over crypto regulation.
He attended inauguration-related events in January 2025 alongside other digital asset industry leaders. Coinbase has also contributed to the America250 initiative, a nonpartisan program associated with a July 2025 military parade held in Washington, DC.
During the congressional debate on market structure legislation, Armstrong has regularly appeared on Capitol Hill to advocate for the industry’s position. In February he spoke at a cryptocurrency forum hosted at Trump’s Mar-a-Lago club in Florida by World Liberty Financial, a company backed by the president and members of his family.
