US President Donald Trump reportedly met privately with Coinbase CEO Brian Armstrong hours before criticizing banks for holding up a proposed market structure bill.
Politico reported the meeting took place after a group of Coinbase representatives visited the White House. Details of the discussion were not disclosed, but Trump posted on Truth Social soon afterward urging that “the US needs to get Market Structure done, ASAP,” and accusing banks—“hitting record profits”—of attempting to “undermine our powerful Crypto Agenda.”
The reported meeting follows Armstrong’s public statement more than a month earlier that Coinbase could not support the market structure bill “as written,” citing draft amendments he said would eliminate rewards on stablecoins and let banks block competition. Senate Banking Committee Chair Tim Scott subsequently postponed a planned markup of the legislation; as of Wednesday no new date had been set.
A key split between many crypto firms and banking associations centers on stablecoin rewards. Industry executives, including Armstrong, oppose provisions that would ban yield on stablecoins. The White House has hosted multiple meetings with both crypto and banking representatives since the markup was delayed.
Cointelegraph’s requests for comment to Coinbase, the White House, and the American Bankers Association had not been answered at publication. Ji Hun Kim, CEO of the advocacy group Crypto Council for Innovation, responded to Trump’s post on LinkedIn, saying: “American leadership in digital assets is a national priority and it remains imperative that the US leads. 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.”
Armstrong has maintained visible ties to the administration since Trump’s 2024 election win. He was reportedly invited to Inauguration Day events in January 2025 and Coinbase contributed to America250, the nonpartisan group organizing a July 2025 military parade in Washington, DC. Amid congressional negotiations, Armstrong has frequently been present in Capitol discussions about the bill and in February spoke alongside Ohio Senator Bernie Moreno at a crypto forum held at Trump’s Mar-a-Lago club, hosted by World Liberty Financial, a company associated with the president and his sons.
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