Coinbase withdraws support, Senate Banking Committee cancels CLARITY Act hearing

On January 15th, the Senate Banking Committee cancelled the scheduled Thursday morning hearing on the revision and voting of the CLARITY Act. The bill aims to clarify the regulatory powers of the Commodity Futures Trading Commission and the Securities and Exchange Commission, and define the classification and disclosure requirements for digital assets. After Coinbase announced its withdrawal of support, cracks appeared in the support for the bill. Coinbase CEO Brian Armstrong expressed doubts about the provisions related to stablecoin returns, tokenized equity, and decentralized finance in the bill. Other cryptocurrency companies and advocacy organizations still support the bill, aiming to push it into law by 2026.