As the Senate Banking Committee prepares to debate long-anticipated legislation that would establish regulation for the crypto industry, the fate of the bill is in limbo after Coinbase CEO Brian Armstrong declared his opposition in a Wednesday night post on X.
“We’d rather have no bill than a bad bill,” Armstrong wrote, outlining several blockchain sector critiques, including a key battle with the banking industry over offering rewards for stablecoin holdings. “Hopefully we can all get to a better draft.”
The legislation, which focuses on market structure issues such as supervisory divisions between different federal agencies, has long been a priority for the crypto industry. The bill would address thorny questions…
