Coinbase CEO: Senate crypto bill draft is a setback, better to reject it

Coinbase CEO Brian Armstrong has announced his official opposition to a draft cryptocurrency regulation bill from the U.S. Senate Banking Committee. In a post on X, Armstrong stated that after reviewing the draft for the past two days, he cannot support it because it could lead to more negative outcomes than the current system. He identified several core problems with the proposal, including a de facto ban on tokenized securities, the blocking of DeFi, the weakening of the Commodity Futures Trading Commission's (CFTC) authority relative to the SEC, and a potential ban on stablecoin reward features. While acknowledging the Senate's bipartisan efforts, Armstrong concluded that the current draft is a significant step backward and that it would be better for the bill not to pass at all.