US EditionCoinbase Cannot Support Crypto Bill in Current Form, CEO ...
Coinbase CEO Brian Armstrong warns that provisions on tokenized equities, decentralized finance, and stablecoin rewards could worsen current regulations, opposing the Senate bill ahead of markup.
- Brian Armstrong, chief executive officer of Coinbase Global Inc., announced Wednesday night on X that the company cannot support the Market Structure bill draft, saying `We'd rather have no bill than a bad bill` ahead of the markup.
- The Senate Banking Committee is set to mark up H.R. 3633, the Digital Asset Market Clarity Act, on Thursday morning at 10 a.m. ET as a working session to debate the Scott substitute text bundling market‑structure, DeFi, and banking provisions.
- Legislative complexity is visible in 137 amendments for a 278‑page bill, while Coinbase's $355 million in stablecoin-related revenue highlights stakes amid bank lobby concerns over deposit risks.
- While its effect is uncertain, Coinbase's decision to withhold support is notable given the markup process allows senators to debate the Scott substitute line by line, and Chair Tim Scott faces clashes over ethics and stablecoin rules.
- By defining 'ancillary asset' and 'network token,' the bill aims to divide SEC and CFTC oversight, while key fights over stablecoins, presidential ethics, and DeFi will shape practical clarity as Senator Cynthia Lummis pushes her digital-asset framework legacy.
28 Articles
28 Articles
Brian Armstrong Demands 'Level Playing Field' In Congressional Laws — Coinbase CEO Accuses Banks Of Stifling Competition - Coinbase Global (NASDAQ:COIN), Circle Internet Group (NYSE:CRCL)
Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong urged Congress on Thursday to enact laws ensuring fair competition, following the postponement of the cryptocurrency market structure bill. Armstrong Pushes For Stablecoin Rewards Speaking to CNBC, Armstrong advocated for a “level playing field” while enacting legislation in Congress. “This is allowed, this is not allowed. Now, all American companies compete. Try to build the best products a…
Crypto Bill Markup Delayed Following Coinbase CEO’s Opposition
Senate Banking Committee Chair Tim Scott (R-S.C.) delayed the committee vote on the Digital Asset Market Clarity Act that addresses cryptocurrency, which was originally scheduled for today at 10 a.m. ET. This decision followed a tweet by Brian Armstrong, CEO of Coinbase, the largest U.S.-based crypto exchange, withdrawing his support for the bill. In a letter to senators, Public Citizen opposes the bill. Bartlett Naylor, economist for Public Cit…
Sen. McCormick on crypto regulation bill: We need a legislative fix that Pres. Trump can sign
Sen. Dave McCormick (R-Pa.) joins 'Squawk Box' to discuss the fate of the Senate crypto regulation bill after Coinbase CEO Brian Armstrong opposed the latest version of the legislation, future of crypto regulation, whether the Coinbase CEO has too much influence over the bill, importance of Fed independence, and more.
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