Coinbase has withdrawn its support for the crypto market structure bill currently under debate in the U.S. Senate. This information was provided by the platform’s CEO, Brian Armstrong, who added that the current draft presents “too many issues.” He emphasized that the industry prefers the absence of a law over poor regulation that hinders technological innovation within the country.
This rejection follows the inclusion of critical points, such as a de facto ban on tokenized equities and severe restrictions on decentralized finance (DeFi). Furthermore, pressure from the American Bankers Association to ban stablecoin rewards has created an unbridgeable gap, as Coinbase considers protecting these yields vital to ensuring the competitiveness of the crypto market structure bill.
The Senate Banking Committee hearing is expected this Thursday, where it will be decided if the legislation advances despite the lack of industry consensus. It will be essential to monitor whether other organizations, such as the Blockchain Association, follow in Coinbase’s footsteps or if the more than 75 proposed amendments manage to mitigate the concerns of the sector’s key players.
Source:https://x.com/brian_armstrong/status/2011545247105355865
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