Coinbase’s CEO Brian Armstrong has said that he cannot support the current version of a bill that would regulate crypto in Congress.
Armstrong believes that the Clarity Act’s latest version is even worse than what we have now.
The largest US cryptocurrency exchange is not interested in the features he mentions.
Coinbase regrettably cannot support the Senate Banking draft bill in its current form. The bill has too many problems, such as:
– A de facto ban on tokenized equities – DeFi prohibitions – giving government access to all your financial information and removing privacy – Erosion in the CFTC’s authority stifling innovations and subordinating it to the SEC Draft amendments which would eliminate rewards for stablecoins and allow banks to prohibit their competitors”
Armstrong said that the influential group will continue to press for changes to legislation.
We appreciate the efforts of members of the Senate in reaching a bipartisan result, but the version we are considering is materially worse than what exists now. No bill is better than a poor bill. We’ll all work together to improve the draft.
We will continue to fight for the economic liberty of all Americans. Crypto should be on an equal playing field as the other financial services in order to build a trusted and safe industry in America .”
Clarity Act has been designed to provide clear classifications of digital assets. It defines roles for SEC and CFTC, while distinguishing “digital commodities”, like Bitcoin, from securities.
These changes are intended to protect consumers by establishing new paths for innovation and regulating trading rules, disclosures, and registration of market participants such as exchanges and brokers.
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The post Coinbase’s Brian Armstrong Drops Support For Major US Crypto Legislation And Calls the New Version “Materially Worse” Than Current Status Quo could be updated as new information becomes available.
