Coinbase has withdrawn its support given to the proposed crypto market structure bill being discussed by the US Senate Banking Committee. CEO Brian Armstrong said the company would rather see no legislation at all than the one that could damage the industry.
Explaining his stand, Armstrong said that the latest draft contains several serious problems. He cited clauses that would essentially prohibit tokenized stocks, limit DeFi in ways that would reveal user information, erode the CFTC’s authority and eliminate incentives associated with stablecoins.
Armstrong stated that despite his criticism of the current version, he was still optimistic that legislators and business leaders can cooperate to arrive at a just and practical solution. He emphasized that in order for cryptocurrency to expand safely in the US, it should receive the same regulatory treatment as conventional financial services.
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