Coinbase CEO says company no longer supports crypto market structure legislation

In a post on X, Coinbase (COIN) CEO Armstrong stated: “After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written. There are too many issues, including: A defacto ban on tokenized equities; DeFi prohibitions, giving the government unlimited access to your financial records and removing your right to privacy; Erosion of the CFTC’s authority, stifling innovation and making it subservient to the SEC; Draft amendments that would kill rewards on stablecoins, allowing banks to ban their competition. We appreciate all the hard work by members of the Senate to reach a bi-partisan outcome, but this version would be materially worse than the current status quo. We’d rather have no bill than a bad bill. Hopefully we can all get to a better draft. We’ll keep fighting for all Americans and for economic freedom. Crypto needs to be treated on a level playing field with the rest of financial services so we can build this industry in a safe and trusted way in America.”