Citron Research Alleges Coinbase's Brian Armstrong is Thwarting CLARITY Act

Citron Research has publicly accused Coinbase CEO, Brian Armstrong, of opposing the Senate’s CLARITY Act to shield the exchange’s stablecoin yield operations from new competitors. This has deepened a division within the crypto industry, with Coinbase challenging the bill that other firms still support. Citron Research contends that Armstrong's recent comments reflect fear of competition from tokenized securities firm, Securitize. Armstrong’s objections to the bill include a de facto ban on tokenized equities, increased government access to DeFi user data, and a shift of regulatory power from the Commodity Futures Trading Commission to the Securities and Exchange Commission. Despite the controversy, there is optimism that the bill could recover if a compromise on stablecoin yield is reached.