Coinbase Opposes Senate Crypto Bill, May Impact Legislative Process

Odaily News Coinbase has stated it will not support the current version of the Senate cryptocurrency bill. The company's CEO, Brian Armstrong, posted on social platform X, saying the bill is "worse than the status quo in its current text" and that he would rather have "no bill than a bad bill."

The Senate plans to hold amendments and a vote on the bill on Thursday morning. The core content of the bill includes: clarifying the regulatory boundaries between the CFTC and the SEC, defining when digital assets are securities or commodities, and introducing new disclosure requirements.

Armstrong pointed out that the bill has major issues regarding DeFi and stablecoin yields, warning that some provisions could grant the government "unfettered access to personal financial records," harm user privacy, and potentially "kill stablecoin rewards." Informed sources stated that Coinbase's public opposition is "significant" and could influence the final fate of the bill.