Coinbase cannot support crypto bill in current form, CEO Armstrong says
Jan 14 : Coinbase CEO and co-founder Brian Armstrong said on Wednesday the company cannot support a draft legislation U.S. senators introduced earlier this week aimed at creating a regulatory framework for cryptocurrencies.
The legislation, unveiled on Monday, seeks to define when crypto tokens are securities, commodities or otherwise and would also hand policing of spot crypto markets to the Commodity Futures Trading Commission.
Without the backing of Coinbase it is unclear if the markup of the bill can proceed. The firm donated millions of dollars to political action committees (PACs) aimed at getting pro-crypto candidates elected in 2024, and has been a key stakeholder in the bill negotiations.
Armstrong said the bill had “too many…
