Trump Met Coinbase CEO Before Slamming Banks on Crypto Bill

US President Donald Trump reportedly met privately with Coinbase CEO Brian Armstrong just hours before issuing a Truth Social statement accusing banks of holding the crypto market structure bill hostage, according to a Tuesday report by Politico. The sequence of events has drawn fresh attention to Armstrong's growing influence in Washington as Congress negotiates the contentious legislation.

White House Meeting Preceded Trump's Bank Attack

A group of Coinbase representatives visited the White House, after which Trump met privately with Armstrong, though the full details of what was discussed remain unclear. Shortly after, Trump posted on his Truth Social channel that 'the US needs to get Market Structure done, ASAP.' He went further, declaring that 'the banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda,' signaling the administration's frustration with banking sector resistance to the legislation.

The crypto market structure bill has been a flashpoint between crypto companies and traditional banking associations for months. Cointelegraph's requests for comment sent to Coinbase, the White House, and the American Banking Association had not received responses at the time of publication.

Why Did Armstrong Oppose the Crypto Market Structure Bill?

Stablecoin Yield at the Heart of the Dispute

Armstrong had stated more than a month before the meeting that Coinbase could not support the market structure bill as written, citing draft amendments that would ban rewards on stablecoins and allow banks to block their crypto competition. The Coinbase CEO Brian Armstrong position reflects a broader industry concern: if stablecoin yield is prohibited under the legislation, it would strip a key incentive for consumer adoption of dollar-denominated digital assets.

Ji Hun Kim, CEO of the advocacy organization Crypto Council for Innovation, also weighed in on Tuesday in response to Trump's post, though the White House has its own dedicated crypto advisers managing these legislative relationships.

The banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda.

— Donald Trump, US President

Senate Markup Postponed With No New Date Set

Senate Banking Committee Chair Tim Scott postponed a scheduled markup session on the market structure bill following the stablecoin yield dispute, and no new date had been set as of Wednesday. Since the postponement, the White House has hosted at least three separate meetings with representatives from both the crypto industry and banking associations in an effort to bridge the divide.

The standoff reflects a deepening tension between traditional financial institutions and the crypto sector over how new legislation will shape the competitive landscape for digital assets, particularly on the question of whether stablecoin issuers can offer yield to retail holders.

Armstrong's Rising Influence in Washington

Tuesday's reported Oval Office meeting is not the first time Armstrong has been seen alongside administration officials since Trump won the 2024 election. The Coinbase CEO was reportedly invited to Inauguration Day events in January 2025 alongside other crypto industry leaders. The exchange also contributed to the America250 initiative, the nonpartisan group organizing a July 2025 military parade in Washington, DC.

In February, Armstrong spoke alongside Ohio Senator Bernie Moreno about the market structure bill at a crypto forum held at Trump's Mar-a-Lago resort in Florida, an event hosted by World Liberty Financial, the company backed by the president and his sons. His consistent presence in and around legislative debates signals a deliberate strategy to keep Coinbase at the center of US crypto policymaking.