Landmark crypto bill on knife’s edge as Coinbase CEO pulls support ahead of key Senate vote

As the Senate Banking Committee prepares to debate long-anticipated legislation that would establish regulation for the crypto industry, the fate of the bill is in limbo after Coinbase CEO Brian Armstrong declared his opposition in a Wednesday night post on X. 

“We’d rather have no bill than a bad bill,” Armstrong wrote, outlining several blockchain sector critiques, including a key battle with the banking industry over offering rewards for stablecoin holdings. “Hopefully we can all get to a better draft.” 

The legislation, which focuses on market structure issues such as supervisory divisions between different federal agencies, has long been a priority for the crypto industry. The bill would address thorny questions that led to bruising lawsuits under previous administrations, including how to classify and regulate different types of cryptocurrencies. 

After helping elect a wave of pro-blockchain candidates fueled by millions in campaign donations, the crypto industry notched a major win over the summer with the passage of the Genius Act, which established a regulatory framework for stablecoins, or a type of dollar-backed c...