Coinbase CEO and co-founder Brian Armstrong said on Jan. 14 that the largest U.S. cryptocurrency exchange cannot support the Senate Banking Committee’s draft crypto market structure bill “as written,” warning it would be worse than leaving the industry without new legislation.
The bill is meant to clarify which federal agency oversees different parts of the crypto industry. This includes how authority would be split between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as the rules crypto exchanges, brokers, and related firms would need to follow.
In a post on X, Armstrong said Coinbase reviewed the draft text over the past 48 hours and identified “too many issues” to back the bill in its current form. He argued the proposal includes what he called a “de facto ban” on tokenized equities and restrictions on decentralized finance (DeFi) that could give the government “unlimited access” to users’ financial records.
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