Coinbase CEO Accused of Undermining Crypto Market Structure Bill as Capital One Eyes Brex Acquisition

Coinbase Chief Executive Brian Armstrong has drawn criticism for what fintech analysts are calling a sudden reversal on cryptocurrency market structure legislation, according to a podcast discussion between industry observers Jason Mikula and Alex Johnson released this week.

The accusation—that Armstrong effectively "rug pulled" legislative efforts he previously supported—comes as the crypto industry's relationship with Washington enters a particularly delicate phase. For CFOs at companies with digital asset exposure, the episode underscores a recurring problem: the regulatory framework they're building compliance programs around keeps shifting beneath their feet, often at the whim of the same executives who claimed to want clarity.

The criticism emerged during the February 2026 edition of Fintech Recap, a monthly podcast where Mikula, publisher of Fintech Business Weekly, and Johnson, creator of the Fintech Takes newsletter, dissect major developments in financial technology. The pair dedicated significant airtime to Armstrong's apparent about-face on market structure proposals, though specific details of the legislative reversal weren't elaborated in the episode description.

The Broader Fintech Landscape

The podcast covered several other significant moves reshaping corporate finance infrastructure. Affirm, the buy-now-pay-later provider, has applied for an Industrial Loan Company charter—a regulatory designation that would allow it to operate more like a traditional bank while maintaining its fintech DNA. ILC charters have historically been controversial, offering a path to banking powers without full bank holding company oversight, and Affirm's application signals the company's ambitions beyond point-of-sale lending.

More immediately consequential for corporate treasurers: Capital One has inked a deal to acquire Brex, the expense management and corporate card startup that has positioned itself as the anti-American Express for tech companies. The acquisition, if completed, would give Capital One a significant foothold in the corporate spend management market, which has seen intense competition as companies digitize procurement and expense processes.

The Brex deal is particularly notable given the startup's trajectory. Founded to serve venture-backed companies that traditional card issuers often rejected, Brex expanded into broader expense management software, competing directly with established players like Concur and newer entrants like Ramp. Capital One's move suggests traditional banks are willing to pay up for fintech distribution and user experience rather than trying to build it themselves—a pattern that should interest any CFO evaluating build-versus-buy decisions for financial infrastructure.

Political Pressure on Credit Cards

The podcast also tackled renewed political attention on credit card economics, including proposals for a 10% interest rate cap and the re-emergence of the Credit Card Competition Act. Mikula and Johnson questioned whether these proposals represent genuine legislative priorities or merely "bargaining chips" in broader financial services negotiations—a dynamic that matters for any company with significant credit card receivables or partnerships with card issuers.

The discussion ranged into unexpected territory, including a detailed examination of how the HBO drama "Industry" portrays banking and fintech (with spoiler warnings issued). For an industry that often takes itself too seriously, the cultural analysis offered a reminder that finance's self-image doesn't always match public perception.

The episode's title referenced "Shorting Tender," though the specific context wasn't detailed in available materials. The hosts also aired their recurring "what we just can't let go of" segment, suggesting the informal format that has made the podcast popular among finance professionals looking for analysis that doesn't sound like a compliance memo.

For CFOs navigating this landscape, the through-line is clear: the infrastructure layer of corporate finance—from how employees pay for things to how companies access credit to how digital assets are regulated—remains in flux. The executives building that infrastructure, meanwhile, seem as uncertain about the rules as everyone else.