Coinbase CEO Unable to Support Current Senate Cryptocurrency Bill, Cites Major Concerns

On the 15th, Coinbase CEO Brian Armstrong, after spending 48 hours reviewing the Senate Banking Committee's draft bill on cryptocurrency market structure, stated that he cannot support the bill in its current form.

He highlighted major concerns including the effective prohibition of tokenized stocks, a ban on DeFi that would allow unlimited government access to financial records, weakening of CFTC powers to the advantage of the SEC, and proposed amendments that would limit stablecoin rewards enabling banks to suppress competition.

In a post, he expressed gratitude for the bipartisan efforts by senators to achieve results, but noted that 'this version would substantially worsen the situation compared to the current state. A bad bill is worse than no bill...'