Coinbase pulled support for Senate crypto legislation — here’s what happened

Coinbase CEO Brian Armstrong announced the exchange could no longer support the sweeping Senate cryptocurrency legislation due to several unresolved policy concerns, including the treatment of tokenized equities, DeFi issues, stablecoin rewards, and the role of the SEC. The decision was not based on a single issue but was catalyzed by the release of the 270-page bill text on Monday, which contained new problematic sections like one on illicit finance. A source familiar with the matter indicated that more time for discussion with the Senate Banking Committee would have been beneficial. Following Coinbase's withdrawal, Senate Banking Committee Chair Tim Scott postponed the planned markup. Despite the setback, Scott stated that industry leaders and colleagues remain engaged in good faith negotiations, aiming to establish clear rules. Other industry figures, like Ripple CEO Brad Garlinghouse, expressed optimism that the issues could be resolved during the markup process.

(Source：The Block)