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Coinbase Opposes Senate Crypto Bill, Could Impact Legislative Process
Summary: In a recent announcement, Coinbase stated that it will not support the current version of the Senate cryptocurrency bill. The company's CEO, Brian Armstrong, posted on the social platform X, saying that the bill is 'worse than the status quo' in its current form, preferring 'no bill at all over a bad one'. The Senate ...
In a recent announcement, Coinbase stated that it will not support the current version of the Senate cryptocurrency bill. The company's CEO, Brian Armstrong, posted on the social platform X, saying that the bill is 'worse than the status quo' in its current form, preferring 'no bill at all over a bad one'.
The Senate is scheduled to revise and vote on the bill on Thursday morning. The core contents of the bill include clarifying the regulatory boundaries between the CFTC and SEC, defining when digital assets are considered securities or commodities, and introducing new disclosure requirements.
Armstrong pointed out significant issues with the bill regarding DeFi and stablecoin yields, warning that certain provisions could grant the government 'unrestricted access to personal financial records', compromising user privacy and potentially 'stifling stablecoin reward mechanisms'. Sources indicate that Coinbase's public opposition is 'significant' and could influence the bill's ultimate fate.
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