Coinbase Chief Executive Brian Armstrong said he sees a “win-win-win” path to passing the proposed Clarity Act, while U.S. Senator Bernie Moreno is targeting passage “by April,” as the two also debated Bitcoin’s role, quantum risks, prediction markets, and the strength of the U.S. dollar in a digital era.
Clarity Act and stablecoin rewards at the core of the debate
In a joint interview with CNBC at the World Liberty Forum in Mar-a-Lago, Armstrong and Moreno said negotiators in Washington are working to resolve remaining differences over how U.S. consumers can earn rewards on dollar-backed stablecoins, a feature they argue is critical to President Donald Trump’s crypto agenda.
Moreno, a Republican from Ohio and former crypto entrepreneur, acknowledged he still has concerns about the bill but expects it to move and is targeting passage “by April.”
He said that talks became stuck on the question of rewards for stablecoin users, particularly from the perspective of traditional banks that fear an erosion of deposits. For ordinary savers, he argued, the effect would be more competition for their cash.
“Unless you own a bank, you probably shouldn’t care,” he said. For consumers, he added, stablecoin rewards mean “you’re going to have competition to pay you more interest.” Higher returns on stored cash, faster settlement, and broader access to payments are benefits he framed as “very, very good for working Americans.”
Armstrong rejected the idea that Coinbase tried to block an earlier version of the market-structure package, saying the company had simply raised objections to the draft. “We had some issues with it,” he said, adding that this pushed lawmakers and industry “back to the table” and created a pathway that could work for crypto firms, banks, and consumers.
Furthermore, Armstrong acknowledged banks’ unease but said many large institutions are already hiring crypto and blockchain teams and partnering with Coinbase, saying the company is providing infrastructure to five of the world’s largest banks, and insisted the bill can be shaped as a shared opportunity rather than a fight over deposits.
Keeping innovation and dollar dominance in U.S. hands
Both Armstrong and Moreno tied the Clarity Act to a wider race over the future of crypto and digital money.
Armstrong pointed to China’s development of a central bank digital currency that pays interest, alongside the rapid growth of offshore, unregulated stablecoins that are already larger than those operating under U.S. oversight. He said Trump wants those flows “repatriated” and the industry built under U.S. rules.
We want to lean into the future and make sure that America stays competitive, because we’re existing on a global stage,” Armstrong said.
Moreno argued that well-regulated, dollar-backed stablecoins would reinforce the U.S. currency rather than threaten it. By “dollarizing the world,” he said, they could increase demand for U.S. Treasuries and lower borrowing costs “to the tune of hundreds of billions of dollars per year,” while pushing more interest income toward consumers.
He also described a potential shift to near-instant payroll and everyday payments. “Money should move at the speed of information,” he said, warning that the only question is whether that shift happens in the United States or elsewhere.
Market volatility, quantum risks and prediction markets
When asked by CNBC whether Bitcoin’s recent slide could slow regulatory efforts, Armstrong said short-term price swings have little effect on policy work. He called bitcoin the best-performing asset of the past decade and said Coinbase continues to buy bitcoin and its own shares in weaker markets while building through downturns.
Moreno, speaking personally, said that if he were putting money to work today, he would choose bitcoin over gold as a long-term investment, while stressing that he does not hold those assets himself to avoid conflicts.
Armstrong dismissed fears that quantum computing will “break the blockchain,” calling the issue solvable. He said Coinbase has formed a quantum advisory council and is working with major blockchains on upgrades to post-quantum cryptography.
He also highlighted Coinbase’s move into on-chain prediction markets as part of an “everything exchange” offering crypto, stocks, commodities, and event contracts. Armstrong welcomed recent statements from the Commodity Futures Trading Commission asserting exclusive federal authority over such products, even as some states seek to regulate them as gambling.
Moreno backed that stance, telling CNBC that the government’s role is to set guardrails and enable innovation rather than protect legacy business models from being displaced. Young Americans, he said, “don’t like our current financial system. It’s going to be replaced. We want it to happen here in America.”
