President Donald Trump met privately with Coinbase CEO Brian Armstrong hours before publicly blaming banks for delaying a proposed market structure bill, according to a report. The meeting reportedly occurred after a separate visit by Coinbase representatives to the White House; specific discussion points were not disclosed. Shortly afterward, Trump wrote on Truth Social that “the US needs to get Market Structure done, ASAP,” and accused banks—“hitting record profits”—of trying to “undermine our powerful Crypto Agenda.”
Armstrong had earlier said over a month ago that Coinbase could not back the market structure bill “as written,” arguing draft amendments would remove rewards on stablecoins and allow banks to stifle competition. Following that opposition, Senate Banking Committee Chair Tim Scott delayed a planned markup of the legislation, and as of Wednesday no new date had been announced.
A central disagreement between many crypto companies and banking groups focuses on stablecoin yields. Industry leaders, including Armstrong, oppose provisions that would ban yield on stablecoins. The White House has held multiple meetings with both crypto industry and banking representatives since the markup was postponed.
Cointelegraph sought comment from Coinbase, the White House, and the American Bankers Association but had not received responses by publication. Ji Hun Kim, CEO of the advocacy group Crypto Council for Innovation, reacted to Trump’s post on LinkedIn, stressing that American leadership in digital assets is a national priority and that CCI is working to ensure market structure legislation is passed and enacted quickly while seeking a constructive path forward on stablecoin rewards.
Armstrong has remained a visible figure with ties to the administration since Trump’s 2024 election victory. Reports say he was invited to Inauguration Day events in January 2025, and Coinbase contributed to America250, the nonpartisan group organizing a July 2025 military parade in Washington, D.C. He has frequently appeared in Capitol discussions about the bill and in February spoke alongside Ohio Senator Bernie Moreno at a crypto forum at Trump’s Mar-a-Lago club, an event hosted by World Liberty Financial, a company associated with the president and his sons.
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