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Coinbase CEO Aims to Replace Banks with Crypto Services
ByAinvest
Friday, Sep 19, 2025 5:40 pm ET1min read
Coinbase CEO Brian Armstrong discusses the company's long-term goal of becoming a bank replacement for crypto users. He also addresses recent issues with Kevin Durant's account and the progress of The Clarity Act, a regulatory framework for the crypto industry. Armstrong notes the competition in the crypto exchange space but remains optimistic about Coinbase's prospects.
Coinbase CEO Brian Armstrong is actively advocating for new crypto market structure legislation in Washington, D.C., aiming to create clear rules that support innovation, protect consumers, and prevent overreaching by regulators like former SEC Chair Gary Gensler. Armstrong believes this bipartisan-backed bill will bolster the U.S. crypto industry, making it safer and more stable for investors and users [1].In a separate development, Kevin Durant, the NBA star, regained access to a Coinbase account that had been inactive for nearly a decade. The account, opened in late 2016, contained Bitcoin purchased at that time. With the recovery, Durant now has control over assets valued significantly higher than his original investment. The Bitcoin purchased in late 2016 at around $650 per coin is now worth near $117,000 per coin, representing substantial gains [2].
Addressing the account recovery, Coinbase CEO Brian Armstrong confirmed the successful restoration of Durant's access to his Bitcoin holdings at CNBC's Game Plan conference. The recovery underscores Coinbase's ability to handle long-dormant accounts and the potential value that can accrue to early cryptocurrency purchasers.
Looking ahead, Armstrong envisions Coinbase as a potential replacement for traditional banking services for crypto users. He acknowledges the competitive landscape in the crypto exchange space but remains optimistic about Coinbase's long-term prospects. The company continues to push for regulatory clarity, with The Clarity Act being a key piece of legislation that Armstrong is supporting.
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