Coinbase Pulls Support for CLARITY Act After Senate Rewrite
Coinbase withdrew support for the Senate's CLARITY Act draft due to sweeping changes impacting tokenized equities and DeFi.Summary
Coinbase CEO Brian Armstrong announced the company can no longer support the US Senate's version of the CLARITY Act after the Senate Banking Committee introduced significant changes via an "amendment in the nature of a substitute."
Armstrong cited four main concerns: a de facto ban on tokenized equities, prohibitions that expand government access to DeFi transaction data, broader SEC control over crypto markets, and provisions that could limit competition for stablecoins and banking.
The withdrawal of support from Coinbase, a major regulated exchange and policy voice, occurred just before the scheduled committee markup, leading to unconfirmed reports that the markup might be delayed or pulled, highlighting the growing political risk surrounding the bill.
(Source：BeInCrypto)