TD Cowen: Coinbase's withdrawal of support threatens crypto market bill

Coinbase's withdrawal of support for a key crypto market structure bill (CLARITY Act) could prevent its passage during the current legislative session, according to an analysis from TD Cowen. Jaret Seiberg, a managing director at the firm, warned that the move by Coinbase could derail the legislative push, CoinDesk reported. Other industry analysts reportedly share this concern, fearing the bill could be amended in ways less favorable to crypto companies and that regulatory uncertainty could be prolonged. Meanwhile, a Senate hearing on the bill, previously scheduled for Jan. 15, is now likely to be postponed.