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Coinbase CEO clashes with the Governor of the French Central Bank at Davos, focusing on stablecoin yields and the "Bitcoin Standard."

During the World Economic Forum held in Davos, Switzerland, Coinbase CEO Brian Armstrong engaged in a heated debate with French central bank governor François Villeroy de Galhau on issues such as whether stablecoins should pay yields to holders and the monetary attributes of Bitcoin.Armstrong stated that allowing stablecoins to provide yields to users would help enhance consumer returns and international competitiveness, and pointed out that if U.S. regulated stablecoins were banned from paying yields, it might actually benefit offshore products. Villeroy de Galhau took the opposing stance, arguing that private stablecoins with yield attributes could pose systemic risks to the traditional banking system and financial stability, and clearly stated that the digital euro should not use yields as a competitive tool, with its core objective being to maintain the stability of the financial system.On U.S. legislative issues, Armstrong emphasized that the CLARITY Act is not stalled but is in the negotiation phase, explaining that Coinbase's recent withdrawal of support was to oppose the banking industry's lobbying to restrict competition in the crypto sector. Ripple CEO Brad Garlinghouse pointed out that the so-called "level playing field" should apply in both directions, with both crypto companies and banks adhering to equivalent regulatory standards.When the discussion turned to Bitcoin, Armstrong introduced the concept of a "Bitcoin standard," suggesting it could serve as a long-term option against fiat currency devaluation. Villeroy opposed this, emphasizing that monetary policy falls under national sovereignty and warning that private currencies could undermine sovereignty. Armstrong responded by stating that Bitcoin does not have a single issuer and is even more decentralized than the central banking system.
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