Coinbase CEO Brian Armstrong touched down in Davos, Switzerland, on Tuesday with an agenda to resurrect the crypto market structure bill that his company torpedoed just days ago.
1) Talk to world leaders about economic freedom and how crypto can update their financial systems
2) Continue the push for market structure legislation
"The future of finance is here, and this time it's built for the people," Armstrong wrote.
"We're going to continue to work on the market structure legislation and meet with some of the bank CEOs to figure out how we can make this a win-win,” he said. “Stablecoins should be an opportunity for both banks and crypto companies as long as we're all treated on a level playing field," he said.
Coinbase and the crypto market structure billCoinbase's outreach on the crypto market structure bill "looks constructive and offers hope to the market for positive developments," Eva Sever, CMO at crypto exchange aggregator SwapSpace, told Decrypt. She added that, “Davos talks with banks could bridge gaps on stablecoins and yield mechanisms, where banks see deposit threats."
Coinbase’s withdrawal last week blindsided Capitol Hill and fractured the crypto industry's fragile coalition, with industry insiders openly questioning Coinbase's strategy.
Armstrong appeared on Capitol Hill last Thursday in an apparent bid to repair relationships, but the damage may prove difficult to undo.
Luke Youngblood, founder of lending protocol Moonwell, told Decrypt the bill became "less about creating a comprehensive market structure bill for crypto to exist and flourish, and more about banks feeling threatened by the yields that users can accrue with stablecoins as opposed to a high-yield savings account."
He praised the industry for "not backing down from this battle against powerful, entrenched interests."
