Coinbase CEO Brian Armstrong said he cannot support a major crypto bill going to Congress in its current form.
Armstrong says he thinks the latest version of the Clarity Act is worse than the current status quo.
He cites several key features that are unsuitable for the largest US crypto exchange.
“After reviewing the Senate Banking Bill over the past 48 hours, Coinbase unfortunately cannot support the bill as written. There are too many issues, including:
– A de facto ban on tokenized actions
– DeFi bans, giving the government unlimited access to your financial records and removing your right to privacy
– Erosion of CFTC authority, stifling innovation and subjecting it to the SEC
– Draft amendments that would remove rewards on stablecoins, allowing banks to ban competitors”
Armstrong says the influential exchange will continue to push for improvements to the legislation.
“We appreciate all the hard work that members of the Senate have done to achieve a bipartisan outcome, but this version would be far worse than the current status quo. We would rather have no bill than a bad bill. Hopefully we can all come up with a better bill.
We will continue to fight for all Americans and for economic freedom. Crypto needs to be treated equally with the rest of financial services so we can build this industry safely and reliably in America.
The Clarity Act is designed to create clear classifications for digital assets, defining the roles of the SEC and CFTC while distinguishing between “digital products” like Bitcoin and securities.
The changes aim to create new avenues for innovation while protecting consumers through trading, disclosure and registration rules for market participants such as exchanges and brokers.
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