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Coinbase Signals It Does Not Support Senate Crypto Bill, or Impact Legislative Process
BlockBeats News, January 15th, Coinbase CEO Brian Armstrong stated that, ahead of the Senate Banking Committee's upcoming markup and vote on comprehensive cryptocurrency legislation, Coinbase will not support the current version of the bill. Armstrong wrote on the X platform that, despite appreciating the bipartisan effort by senators, the draft is "worse than the current regulatory regime," preferring "no bill over a bad bill."
The bill aims to clarify the regulatory boundaries of the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in digital asset oversight, define when digital assets are securities or commodities, and introduce new disclosure requirements. The Senate Banking Committee is scheduled to hold a hearing and vote on the bill Thursday morning.
Armstrong pointed out significant issues in the bill regarding DeFi, stablecoin yields, among others, with some provisions potentially granting the government "unfettered access to individuals' financial records," eroding user privacy. He also criticized the bill for weakening CFTC's authority by subordinating it to the SEC, hindering industry innovation.
Sources mentioned that Coinbase's public opposition holds "symbolic significance" and could impact the bill's fate. The stablecoin yield matter has become a contentious point, with banking groups concerned that related mechanisms could siphon deposits and impact community banks, while the crypto industry accuses banks of attempting to stifle competition.
Nevertheless, some industry entities still support advancing the legislation. Digital Chamber of Commerce CEO Cody Carbone stated the intention to continue pushing for the bill to become law by 2026; Ripple CEO Brad Garlinghouse also expressed optimism about resolving differences through amendments.
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