Coinbase CEO Brian Armstrong: Firm Opposed Crypto Bill FIT 21 to Protect Consumers and Innovation

Brian Armstrong, the CEO of Coinbase, has clarified that the cryptocurrency exchange's opposition to the recently proposed digital asset legislation was driven by a commitment to consumer protection. Armstrong stated that the company believed the bill, known as the Financial Innovation and Technology for the 21st Century Act (FIT 21), contained provisions that could ultimately harm users and stifle innovation within the crypto sector. He emphasized that Coinbase's stance was not about resisting regulation but about advocating for clear, sensible rules that safeguard investors while allowing the industry to grow responsibly in the United States. This position underscores the ongoing dialogue between major crypto platforms and policymakers seeking to establish a functional regulatory framework.