Coinbase CEO Brian Armstrong pulls support for crypto bill on eve of Senate vote

Coinbase CEO Brian Armstrong said his company would not support the latest version of crypto market structure legislation in the US Senate, saying it gave too much power to the Securities and Exchange Commission. Other issues Armstrong cited include the bill’s “defacto ban on tokenised equities,” “DeFi prohibitions,” and proposed amendments that would further restrict companies’ ability to pay “rewards” on users’ stablecoin holdings. “We appreciate all the hard work by members of the Senate to reach a b ...