Coinbase CEO expects market structure bill markup ‘in a few weeks‘

Brian Armstrong posted to social media late on a Wednesday saying Coinbase couldn't “support the bill as written,“ potentially leading to a postponement in consideration.

Coinbase CEO Brian Armstrong has weighed in on the future of a cryptocurrency market structure bill under consideration in the US Senate less than 24 hours after he said the exchange could not support the current version of the legislation.

In a Thursday CNBC interview in the US Capitol building, Armstrong spoke after posting on X Wednesday that Coinbase was pulling its support for the CLARITY Act, a bill to establish digital asset market structure. Members of the US Senate Banking Committee had been scheduled for a markup of the bill on Thursday, which was postponed following Armstrong’s post. 

“We developed this concern that if [the bill] went into a markup, the only way to edit some of that base text would have been through an amendment, and amendments had already been submitted,” said the Coinbase CEO. “And so we didn’t think it was prudent to come out of committee with a bunch of these issues in the bill which would have been catastrophic for the average American consumer.” 

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