Odaily Planet News: Coinbase has stated that it will not support the current version of the Senate's cryptocurrency bill. CEO Brian Armstrong posted on the social media platform X, stating that the bill is "worse than the current situation as written" and that the company would prefer "no bill at all over a bad one."
The Senate plans to hold revisions and vote on the bill on Thursday morning. The core contents of the bill include clarifying the regulatory boundaries between the CFTC and the SEC, defining when digital assets are considered securities or commodities, and introducing new disclosure requirements.
Armstrong pointed out that the bill has significant issues regarding DeFi and stablecoin rewards, warning that certain provisions could grant the government "unlimited access to personal financial records," harming user privacy and potentially "suffocating stablecoin reward mechanisms." Insiders said that Coinbase's public opposition is considered to have "major impact," and could determine the bill's final fate.