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Rising Confidence From Wall Street and Washington
At the New York Times DealBook Summit, BlackRock CEO Larry Fink and Coinbase CEO Brian Armstrong highlighted the accelerating integration of digital assets into traditional finance. Speaking with journalist Andrew Ross Sorkin, Armstrong said the policy environment around crypto is experiencing a clear shift.
According to Armstrong, recent action on stablecoin oversight and market-structure legislation marks a turning point. “2025 is actually the year that crypto regulation went from kind of gray market to well-lit establishment,” he said. He pointed to the passage of the Genius Act and a bipartisan market-structure bill advancing from the House to the Senate, noting, “I think that’s going to be the first one where the Senate passes it as well.”
Armstrong Criticizes Previous Policy Approach
Armstrong reiterated criticism of federal policy under the former Biden administration, arguing that regulators hindered the industry’s development. He stated that the administration “unlawfully tried to kill this industry, which pushed a lot of activity offshore and hurt consumers.”
He also addressed Coinbase’s support for pro-crypto advocacy groups. “That’s why we’ve supported groups like Fairshake,” he said, referencing the crypto-focused Super PAC. “Because 52 million Americans who have used crypto want to see clear rules on the books. All of our political spending is transparent.”
Fairshake raised more than $78 million during the 2024 election cycle and is now turning its attention to the 2026 midterm elections.
Responding to Buffett and Munger’s Past Critiques
Armstrong was also asked about long-standing criticism of Bitcoin from Warren Buffett and the late Charlie Munger, who had previously labeled it “nothing,” “rat poison,” and compared it to a “venereal disease,” predicting it would ultimately collapse.
Armstrong suggested that their perspective reflects a different economic era. “For Charlie and Warren, they grew up in an era of American preeminence, where the dollar was everything, and you didn’t question it,” he said. He added that “Bitcoin is this new digital gold, and people go to it in times of uncertainty. So it’s tough for them to contemplate a world that is more decentralized and running on the internet.”
A Turning Point for Digital Asset Legitimacy
The conversation underscored a notable trend: major institutional leaders and policymakers are increasingly engaging with digital assets as part of the broader financial system. While regulatory frameworks continue to evolve, industry leaders argue that clearer rules are bringing the sector into a more stable and transparent phase—one shaped not by speculation, but by maturing infrastructure and expanding participation.
