Coinbase Withdraws Support For Crypto Market Structure Bill

Coinbase has withdrawn its support for the Digital Asset Market Clarity Act, with CEO Brian Armstrong stating that the current version would cause more harm than good, preferring "no bill than a bad bill." Armstrong cited several major concerns with the Senate Banking draft text, including what he called a "defacto ban" on tokenized equities, sweeping restrictions on decentralized finance (DeFi), and granting the government "unlimited access" to financial records, posing privacy risks. Furthermore, he argued the bill shifts authority from the CFTC to the SEC and could "kill rewards" on stablecoins, potentially shielding banks from competition regarding high-yield stablecoin offerings. While industry figures like ETF analyst James Seyffart expressed disappointment, others, like Ripple CEO Brad Garlinghouse, remain optimistic that issues can be resolved during the upcoming markup process.

(Source：Cointelegraph)