๐จBREAKING: Coinbase CEO just SLAMMED the Senateโs Crypto Market Structure Bill โ โNo bill is better than a bad bill.โ ๐บ๐ธโ ๏ธ
Right before the Senateโs big crypto markup,
@Coinbase CEO Brian Armstrong (
@brian_armstrong) just pulled his support for the current draft.
โThis version would be materially worse than the status quo.โ ๐ณ
Hereโs what he says is inside the bill ๐
๐ซ A de-facto ban on tokenized equities
๐ DeFi restrictions more government access to financial data
โ๏ธ Weakening the CFTC (and shifting power toward the SEC)
๐ต Changes that would kill stablecoin rewards โ helping banks block competition
And with the Senate vote/markup coming up, this could change EVERYTHING about what gets passed. ๐
After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately canโt 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 CFTCโs 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. Weโd 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.