Brian Armstrong
Coinbase cuts 14% of staff for AI and market reset
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Coinbase announced a restructuring plan on May 5, 2026, cutting about 700 employees, or 14% of its workforce. CEO Brian Armstrong attributed the move to cryptocurrency market volatility and artificial intelligence-driven productivity gains. The changes aim to create a leaner, AI-native organization ahead of Q1 earnings on May 7.
JPMorgan Chase CEO Jamie Dimon sharply criticized Coinbase CEO Brian Armstrong on Friday over provisions in the Digital Asset Market Clarity Act. Dimon warned that the bill's approach to stablecoin rewards could lead to failure without stronger bank-style protections.
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Ethereum has dropped about 7% to around $1,947 amid market volatility, but Coinbase CEO Brian Armstrong points to strong retail investor behavior as a positive sign. Retail users on the platform are buying the dip and maintaining or increasing their holdings of Bitcoin and Ethereum. This trend suggests growing maturity among individual investors despite broader market challenges.