Coinbase says it won’t back Senate crypto bill ahead of banking committee vote

Coinbase CEO Brian Armstrong stated that the crypto exchange will not support the Senate Banking Committee's sweeping cryptocurrency legislation just before the committee's vote. Armstrong argued that the bill, in its current form, would be "materially worse than the current status quo," preferring no legislation over a bad one. Key concerns raised include provisions related to decentralized finance, stablecoin yields (which he claimed would "kill rewards on stablecoins"), potential government access to user financial records, and an erosion of the CFTC's authority in favor of the SEC. The bill aims to clarify regulatory jurisdiction between the CFTC and SEC and define digital assets as securities or commodities. Industry sources suggest Coinbase's opposition could significantly impact the bill's fate.

(Source：The Block)