Coinbase CEO Brian Armstrong shared on social media platform X on Jan. 14 opposition to a Senate Banking Committee draft, outlining concerns that the proposal could restrict tokenization, decentralized finance, and stablecoins while weakening financial privacy and U.S. crypto competitiveness.
The CEO said:
“After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written.”
Armstrong then detailed objections tied to market structure and regulatory reach, describing “a defacto ban on tokenized equities” alongside “ DeFi prohibitions, giving the government unlimited access to your financial records and removing your right to privacy.” He also referenced agency implications, warning of “erosion of the CFTC’s authority, stifling innovation and making it subservient to the SEC,” while highlighting competitive impacts through “draft amendments that would kill rewards on stablecoins, allowing banks to ban their competition.”
The Coinbase CEO reinforced his stance, stating: “We’d rather have no bill than a bad bill. Hopefully, we can all get to a better draft.” He later conveyed continued engagement, noting: “We’ll keep fighting for all Americans and for economic freedom. Crypto needs to be treated on a level playing field with the rest of financial services so we can build this industry in a safe and trusted way in America.” In a separate post, the Coinbase chief executive expressed confidence in negotiations, explaining, “I’m actually quite optimistic that we will get to the right outcome with continued effort. We will keep showing up and working with everyone to get there.”
Read more: Crypto Market Structure Bill Stalls as Senate Banking Postpones Markup
Industry reaction extended beyond Coinbase, with Draper Associates founder and venture capitalist Tim Draper weighing in publicly. Draper shared on social media platform X:
“Brian Armstrong makes sense here. The current Senate compromise is worse than no bill at all. Sounds like the banks have been meddling.”
The exchange reflects broader industry concern that restrictive legislative frameworks could limit innovation, weaken competition, and reduce consumer choice across digital asset services. Supporters of blockchain-based finance argue that balanced rules can safeguard users, promote responsible development, and reinforce U.S. leadership, while avoiding measures that constrain emerging technologies before they mature.
- Why does Coinbase oppose the Senate Banking Committee draft?
Coinbase says the draft would restrict tokenization, DeFi, stablecoins, and financial privacy. - What did Brian Armstrong say about tokenized equities?
He warned the draft amounts to a de facto ban on tokenized equities. - How could the draft affect crypto regulation agencies?
Armstrong said it would erode the CFTC’s authority and favor the SEC. - What is Coinbase’s position on stablecoins in the bill?
The CEO said proposed amendments could kill stablecoin rewards and reduce competition.
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