Coinbase states that it does not support the Senate crypto bill, which may affect the legislative process BlockBeats News: On January 15th, Coinbase CEO Brian Armstrong stated that Coinbase will not support the current version of a comprehensive cryptocurrency legislation until the Senate Banking Committee is about to revise and vote on it. Armstrong posted on X platform that although he thanks senators for pushing for bipartisan consensus, the draft is "worse than the current regulatory state" and "would rather have no bill than a bad one". The bill aims to clarify the boundaries of authority between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in regulating digital assets, define when digital assets belong to securities or commodities, and introduce new disclosure requirements. The Senate Banking Committee plans to hold a hearing and vote on the bill on Thursday morning. Armstrong pointed out that the bill has significant issues with DeFi, stablecoin revenue, and other aspects. Some provisions may grant the government "unlimited access to personal financial records," eroding user privacy, while related revisions may "stifle stablecoin reward mechanisms. He also criticized the bill for weakening the authority of the CFTC, making it subordinate to the SEC in regulation, which is not conducive to industry innovation. Insiders say that Coinbase's public opposition is "landmark" and may affect the ultimate fate of the bill. The issue of stablecoin returns has become a controversial focus, with banking groups concerned that the relevant mechanisms may suck up deposits and impact community banks, while the cryptocurrency industry accuses banks of attempting to restrict competition. However, there are still some industry organizations supporting the advancement of legislation. Cody Carbone, CEO of the Digital Chamber of Commerce, stated that he will continue to push for the bill to become law in 2026; Ripple CEO Brad Garlinghouse also stated that he remains optimistic about resolving differences through revisions.