Coinbase Opposes Draft Senate Crypto Market Structure Bill

Coinbase has said it cannot support the Senate Banking Committee’s draft cryptocurrency market structure legislation ahead of a scheduled committee vote on Thursday, according to a report by CoinDesk. Coinbase CEO Brian Armstrong outlined concerns including what he described as a de facto ban on tokenized equities, provisions affecting decentralized finance that would grant government access to financial records, a reduction of the Commodity Futures Trading Commission’s authority relative to the Securities and Exchange Commission, and amendments limiting stablecoin rewards that he said would favor banks over nonbank competitors. The bill seeks to delineate regulatory oversight of digital assets between the SEC and CFTC and is advancing in the Senate after negotiations among lawmakers, CoinDesk reported.