As the crypto industry’s most coveted piece of legislation stalls in Congress, the Donald Trump administration has pursued aggressive tactics to try and get the bill back on track—including by appearing to take shots at Coinbase, the industry giant that walked away from the bill last month.

In recent weeks, U.S. Treasury Secretary Scott Bessent has repeatedly denigrated crypto executives like Coinbase CEO Brian Armstrong who say a crypto market structure bill should be rejected if its terms are non-ideal. Bessent has labeled such executives “nihilists” and “recalcitrant actors.” He’s even said they should leave America and “move to El Salvador.”

But when Armstrong attended a swanky crypto conference at…