Overview
- Brian Armstrong said Coinbase cannot support the Senate Banking Committee’s latest CLARITY draft after a 48-hour review.
- He cited a de facto ban on tokenized equities, DeFi restrictions that could expand government access to user financial data, a tilt toward SEC authority over the CFTC, and draft amendments ending stablecoin rewards.
- Armstrong said the company would prefer no legislation to a bad framework and vowed to keep pushing for a level playing field for crypto.
- The Senate Banking Committee is expected to mark up the CLARITY Act on Thursday, January 15.
- The bill seeks to define digital-asset categories and allocate oversight between the SEC and CFTC, with stablecoin rewards emerging as a key flashpoint between banking groups and crypto firms.