Coinbase pulls support for crypto bill: 'no bill' better than 'bad bill'

Coinbase CEO Brian Armstrong raised four crucial points that he believes would make the legislation “materially worse” for the US crypto industry.

Major US crypto exchange Coinbase says it has withdrawn its support for the Digital Asset Market Clarity Act, with CEO Brian Armstrong arguing that it would cause far more harm than good to the crypto industry in its current form.

“This version would be materially worse than the current status quo. We’d rather have no bill than a bad bill. Hopefully we can all get to a better draft,” Armstrong said in an X post on Wednesday.

“After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written,” Armstrong said.

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