Brian Armstrong faces backlash as critic accuses Coinbase of prioritizing yield over real blockchain adoption, warning delays could stall industry growth to 2030 per Cynthia Lummis

$1.35B in stablecoin revenue last year — roughly 19% of Coinbase's top line — and they've now torpedoed the CLARITY Act markup twice to protect it. Circle's already down 20% on the leaked draft language, which means Coinbase is cratering the value of its own stablecoin partner to preserve a yield margin that banks are actively lobbying to kill anyway. Meanwhile Tether sprints to get audited while USDC eats the regulatory shrapnel. If Moreno's right that this stalls past May into midterm paralysis, Armstrong just handed offshore stablecoin issuers a multi-year head start on the only market structure bill that had bipartisan legs.

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