Coinbase Says ‘No’ to CLARITY Act, Citing Crypto Restrictions

Coinbase CEO Brian Armstrong announced that the exchange cannot support the Senate Banking Committee's latest draft of the CLARITY Act, arguing that the bill, as written, would negatively impact the U.S. crypto industry compared to the current regulatory environment. Armstrong cited several key concerns, including a potential de facto ban on tokenized equities, new DeFi restrictions that could expose user financial data, and a shift of authority from the CFTC to the SEC. Furthermore, he criticized proposed amendments that would eliminate stablecoin rewards, which are central to Coinbase's business model, potentially generating billions in revenue. Armstrong emphasized, “We’d rather have no bill than a bad bill,” while expressing optimism about reaching a favorable outcome through continued negotiation before the expected committee markup.

(Source：Bitcoin Magazine)