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President Donald Trump met privately on Tuesday with Coinbase CEO Brian Armstrong, according to two people familiar with the matter who spoke with Politico.
The meeting occurred shortly before Trump publicly criticized banks for blocking progress on a cryptocurrency market structure bill, aligning with Coinbase’s position in an ongoing policy dispute.
Trump posted on Truth Social that banks “need to make a good deal with the Crypto Industry” to advance digital asset legislation. He said a recently passed crypto law, the GENIUS Act, “is being threatened and undermined by the Banks, and that is unacceptable,” echoing concerns raised by Coinbase.
Neither Coinbase nor the White House responded to requests for comment. It is unclear whether the meeting between Trump and Armstrong was a formal sit-down or part of a broader discussion with other industry representatives.
Trump and the crux of the Clarity Act dispute
The dispute centers on whether crypto exchanges should be allowed to offer rewards programs paying annual percentage yields on stablecoins, digital tokens designed to maintain a $1 value.
Banks warn that permitting such yield payments could draw deposits away from traditional bank accounts and threaten lending operations critical to the economy.
Financial institutions are seeking a ban on stablecoin yield payments as part of broader crypto legislation pending in the Senate. Digital asset firms, including Coinbase, have pushed back, arguing that the restrictions would stifle competition and innovation.
In January, Armstrong publicly opposed amendments to the crypto bill that would have restricted stablecoin rewards. The Senate Banking Committee had scheduled a markup of the legislation, which was postponed, leaving the bill stalled.
White House officials have since attempted to mediate between the banking and crypto sectors through a series of meetings, but no compromise has emerged.
Trump’s Truth Social posts on Tuesday echoed language used by Armstrong and Coinbase in interviews. He wrote, “Americans should earn more money on their money,” and described the CLARITY Act as necessary to maintain the United States’ position as a global leader in cryptocurrency.
He said, “The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage. They need to make a good deal with the Crypto Industry because that’s what’s in the best interest of the American People.”
The GENIUS Act, passed last year, was the first federal legislation providing a roadmap for stablecoin issuers. The CLARITY Act, approved by the House in 2025, would further define regulatory authority over crypto tokens.
Senate committees, including Banking and Agriculture, have produced competing drafts, with banks seeking tighter restrictions on stablecoin yields.
Senator Cynthia Lummis also reposted the president’s comments, stating, “America can’t afford to wait. Congress must move quickly to pass the CLARITY Act.”
Banks continue to defend their position, citing risks to the financial system. JPMorgan Chase CEO Jamie Dimon said that stablecoin yield programs should be regulated under bank-style rules to ensure a level playing field.
