"In a post on X, Armstrong cited several concerns, including what he described as a de facto ban on tokenized equities, new restrictions on decentralized finance that could grant the government broad access to users' financial data, and provisions that weaken the Commodity Futures Trading Commission while expanding the Securities and Exchange Commission's authority. "After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can't support the bill as written," Armstrong posted."
"He also criticized draft amendments that would eliminate rewards on stablecoins, arguing they would allow banks to suppress emerging competitors. "We'd rather have no bill than a bad bill," Armstrong said on X, adding that Coinbase would continue pushing for a framework that treats crypto on a level playing field with traditional financial services. The comments come a day before the Senate Banking Committee is expected to mark up the CLARITY Act on Thursday, January 15."
Coinbase cannot support the Senate Banking Committee's CLARITY Act draft and warned the bill, as written, would leave the U.S. crypto industry worse off than the current regulatory status quo. The draft is said to create a de facto ban on tokenized equities, impose new decentralized finance restrictions that could grant government broad access to users' financial data, and shift oversight by weakening the CFTC while expanding the SEC's authority. Coinbase criticized amendments that would eliminate stablecoin rewards, arguing they would allow banks to suppress emerging competitors. Coinbase stated a preference for no bill over a bad bill and will push for a level playing field with traditional financial services.
Read at Bitcoin Magazine
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