Two things are true about last week’s collapse of crypto market structure negotiations.

— Sudden opposition from Coinbase CEO Brian Armstrong to the latest version of the text extinguished the bipartisan process, at least until next month.

— Senators were not actually on the verge of a bipartisan deal this week, despite the markup scheduled for Thursday morning.

You’re seeing a preview of our Premium+ Vault financial services and tax policy coverage. Read the full story by subscribing here.

…