Bitcoin Magazine

2012 Video Resurfaces of Coinbase CEO Brian Armstrong Pitching What Became America’s Largest Bitcoin Exchange

A video has surfaced showing Coinbase CEO Brian Armstrong rehearsing a pitch in 2012, years before the company became the largest Bitcoin exchange in the U.S.

In the recording, Armstrong lays out a simple argument: Bitcoin is a digital currency that can move money instantly anywhere in the world. But it’s hard to use. Tools were clunky, backups were tricky, and users could easily lose their funds. 

Coinbase, he said, would fix that. The platform would act as a hosted wallet, letting anyone access their money from any device without worrying about security or backups.

Armstrong compares his plan to what iTunes did for music. He emphasizes the early growth: sign-ups and transactions increasing “20 % a day,” and $65,000 in Bitcoin payments were processed in just five weeks.

The pitch is short, under three minutes, and candid. Armstrong discussed fees, competition, and the potential of Bitcoin as a global payment system. It’s a glimpse at the early vision of a company few outside crypto had heard of.

In 2012, Brian Armstrong recorded himself rehearsing his pitch for Coinbase.

Today, they're the largest Bitcoin exchange in the US pic.twitter.com/Ta4bKz0hYd

— Bitcoin Magazine (@BitcoinMagazine) December 4, 2025

Coinbase: Don’t get ‘left behind’

It’s safe to say that Armstrong’s idea was a success. More than a decade later, Coinbase is the top U.S. exchange, handling billions in Bitcoin transactions and shaping how Americans interact with digital assets. 

That scrappy 2012 rehearsal captures the first hints of a company that would grow into a crypto powerhouse.

Just yesterday, Armstrong sat beside BlackRock CEO Larry Fink and said that all major U.S. banks that ignore stablecoins risk being “left behind.” 

Speaking at the New York Times DealBook Summit, Armstrong said that several top banks are running pilot programs with Coinbase for stablecoins, crypto custody, and trading.

Armstrong acknowledged a split within traditional finance: some institutions’ lobbying arms resist crypto, while innovation teams explore it. 

“This is the classic innovator’s dilemma,” he said, noting banks must choose between embracing or fighting new technology. On concerns about capital flowing to stablecoins, Armstrong said banks are mainly focused on protecting profit margins.

Fink, once a bitcoin skeptic, said he now sees a “huge use case” for Bitcoin and worries the U.S. is falling behind in stablecoin innovation. 

Armstrong has championed crypto to the U.S. government. He has lobbied and pushed for clearer regulations for the crypto industry.

Armstrong supported legislation like the CLARITY Act to set legal clarity. He launched grassroots efforts, including Stand With Crypto. He has also spent millions on campaigns through PACs like Fair Shake. 

This post 2012 Video Resurfaces of Coinbase CEO Brian Armstrong Pitching What Became America’s Largest Bitcoin Exchange first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Leading banking institutions in traditional finance (TradFi) are reportedly partnering with US-based cryptocurrency exchange Coinbase (COIN) to explore pilots related to stablecoins, custody solutions, and trading options. 

Coinbase CEO Brian Armstrong announced this during his appearance at the New York Times Dealbook Summit on Wednesday, as reported by Bloomberg.

Coinbase CEO Cautions Banks On Crypto Resistance

Armstrong emphasized that leading financial institutions recognize this as an opportunity for growth. “The best banks are leaning into this as an opportunity,” he stated, although he refrained from naming any specific banks involved in these initiatives. 

During his speech, the executive also voiced his concerns about institutions that resist participating in the digital asset ecosystem. He asserted that those who oppose it will be left behind.

This sentiment aligns with remarks Armstrong made six months ago, where he predicted that eventually, every major bank would integrate cryptocurrency into their operations. 

He views this technology as a means to modernize the financial system, stating, “We can power a variety of things for them.” He noted that some banks are looking for custodial solutions, while others are interested in developing their own stablecoins.

COIN Shares Surge 5%

Adding weight to this discussion, Larry Fink, CEO of the world’s largest asset manager and crypto exchange-traded fund (ETF) issuer BlackRock, participated in the event alongside Armstrong. 

Fink, who previously voiced skepticism about cryptocurrencies, described Bitcoin (BTC) as a safe haven asset despite the cryptocurrency’s crash toward $83,000 on Monday. 

“You own Bitcoin because you’re frightened of your physical security. You own it because you’re frightened of your financial security,” he remarked. 

On the financial side, Coinbase’s stock performance reflects the positive sentiment in the cryptocurrency market amid recovering prices. Trading under the ticker COIN on the Nasdaq, Coinbase’s shares closed Wednesday at nearly $277, marking a 5% increase. 

This uplift coincides with broader gains in the cryptocurrency sector, notably led by the recent price performance of Ethereum (ETH), followed by Bitcoin, XRP, Binance Coin (BNB), and other notable tokens such as Solana (SOL), all of which have shown significant recoveries this week after a challenging month.

Featured image from Shutterstock, chart from TradingView.com

Bitcoin Magazine

Crypto Market Structure Bill Gains Bipartisan Momentum as Coinbase’s Armstrong Says “We’re 90% There”

Even as Washington remains hobbled by a partial government shutdown, momentum for U.S. crypto market structure legislation is quietly reaching new heights.

Coinbase CEO Brian Armstrong says the industry is “90%” of the way there, describing unprecedented bipartisan cooperation among senators working to finalize the long-awaited regulatory framework for digital assets.

Armstrong, who spent this week meeting with both Senate Democrats and Republicans, said the last few sticking points of the CLARITY Act — including rules for decentralized finance (DeFi) and stablecoin rewards — are close to being resolved. 

“Both sides are working hard to figure out the final 10%, and we’re getting close,” he said in a social media post. “We’re bullish on getting a bill passed by year-end, and hopeful it’s out of Committee by Thanksgiving.”

The Coinbase chief’s optimism comes amid a surge of engagement between lawmakers and crypto executives, marking one of the most serious bipartisan pushes to bring clarity to digital asset regulation since Congress first began debating the issue years ago.

JUST IN: Coinbase CEO Brian Armstrong says, “There is strong bipartisan support to get this market structure legislation done.” pic.twitter.com/Z8PI1OXDJc

— Bitcoin Magazine (@BitcoinMagazine) October 23, 2025

Bipartisan crypto breakthrough in July

The legislation at the center of these discussions — the Digital Asset Market Clarity Act (CLARITY Act) — passed the House of Representatives in July with a strong bipartisan majority of 294–137. 

The bill now sits before the Senate Banking Committee, chaired by Sen. Tim Scott (R-SC), with hopes it could advance to the Senate floor before the end of the year.

In a CNBC interview on Wednesday, Armstrong described “very productive” meetings with senators from both parties, calling the level of collaboration a positive sign for the U.S. crypto industry.

According to multiple people familiar with the meetings, senior lawmakers including Senate Majority Leader Chuck Schumer (D-NY), Sen. Kirsten Gillibrand (D-NY), and Sen. Cynthia Lummis (R-WY) attended or participated in discussions with Armstrong and other crypto leaders such as Kraken co-CEO David Ripley, Uniswap Labs founder Hayden Adams, and Chainlink Labs’ Sergey Nazarov.

The CLARITY Act seeks to end years of regulatory ambiguity by clearly distinguishing which digital assets qualify as securities under the Securities and Exchange Commission (SEC) and which fall under the Commodity Futures Trading Commission (CFTC).

Under the bill’s framework, sufficiently decentralized networks would fall under CFTC oversight, while tokens with more centralized control or that function as investment contracts would remain under SEC jurisdiction.

The legislation also introduces clearer rules for decentralized finance, secondary trading markets, and custody services — areas where the lack of uniform federal guidance has long frustrated both innovators and investors.

DeFi and stablecoin legislation

Still, the final 10% of negotiations may prove the toughest. One of the key unresolved questions is how to regulate decentralized finance platforms. 

Armstrong has urged lawmakers to focus oversight on decentralized intermediaries — such as interfaces or aggregators — rather than attempting to regulate open-source protocols themselves.

Another area of tension involves stablecoin rewards, which Armstrong says the banking lobby is working to eliminate. Coinbase and other industry advocates argue that consumers should be able to earn yield on regulated stablecoin holdings, similar to how traditional savings accounts pay interest.

These debates underscore the competing visions within Congress: Democrats remain focused on preventing illicit finance and ensuring consumer protection, while Republicans emphasize innovation and competitiveness.

Despite the bipartisan goodwill, the timing remains precarious. The ongoing government shutdown has slowed committee work and pushed back the formal markup of the bill. Some lawmakers, including Sen. John Kennedy (R-LA), have expressed skepticism that the committee is ready to move forward, citing unanswered questions about regulatory authority and industry influence.

Still, supporters say the momentum is undeniable. Sen. Lummis, who has long championed digital asset legislation, recently told attendees at the SALT Wyoming Blockchain Symposium that she expects the market structure bill to reach the president’s desk “before the end of the year — hopefully before Thanksgiving.”

This post Crypto Market Structure Bill Gains Bipartisan Momentum as Coinbase’s Armstrong Says “We’re 90% There” first appeared on Bitcoin Magazine and is written by Micah Zimmerman.