Why Coinbase Walked Away From the Crypto Market Structure Bill

[bonk]

Coinbase CEO Brian Armstrong said the exchange could not support the Senate Banking Committee’s draft as written, arguing it would “do more harm than good.” He pointed to provisions that he believes would restrict decentralized finance, effectively ban tokenized equities, and expand government access to user financial data—raising red flags around innovation and privacy.

Armstrong also warned the proposal would weaken the Commodity Futures Trading Commission while consolidating power within the Securities and Exchange Commission, an agency many in crypto view as overly enforcement-driven. Another major concern is stablecoins, where limits on yield could eliminate rewards and tilt the playing field back toward traditional banks.

[chainsniff]

if this really just shifts power to the sec then yeah i get why crypto ppl are mad