Multiple crypto firms back market structure bill despite Coinbase opposition

While Coinbase has withdrawn its support for the U.S. crypto market structure bill, known as the Clarity Act, several other companies have affirmed their backing, according to a report from Eleanor Terrett, host of Crypto in America. Supporters of the legislation include a16z, Circle, Kraken, the Chamber of Digital Commerce, Ripple, and Coin Center. Coinbase previously pulled its support over several concerns, including what it described as a de facto ban on tokenized stocks, the potential to block DeFi while allowing unlimited access to financial data, a weakening of the Commodity Futures Trading Commission's (CFTC) authority relative to the SEC, and the possible prohibition of stablecoin reward features. The exchange's opposition had raised the possibility that a Senate markup session on the bill, scheduled for Jan. 15, could be canceled.